Lennar reported third-quarter net earnings of $284 million, down 52% from $591 million a year earlier, while revenue fell 8.6% to $8.05 billion. Federal immigration enforcement removed entire workforces from some trading partners, threatening construction-cost gains, while higher mortgage rates and weaker consumer confidence weighed on demand. Barclays lowered its Lennar price target to $70 from a higher level. Lennar delivered 20,840 homes, but new orders fell 9% to 20,879 and missed guidance; the company expects 19,500 to 20,500 orders and 22,000 to 23,000 deliveries in the fourth quarter.