Lennar Corp., (LEN: chart), downgraded its 2006 guidance after announcing that it expects the second half of the year to be more challenging in a slowing homebuilding industry, as evidenced by lower new orders and higher cancellation rates. New orders are currently down 3% at 11,757 homes, the company added.

Persimmon, (PSN: chart), U.K. homebuilder, reported that first-half sales advanced 34.8% to 2.4 billion pounds ($4.4 billion) as sales reservations jumped 7% from a year earlier. The company said it is on track to deliver further growth in 2006 in line with expectations. It also added the housing market continues to be active and it expects a modest level of price inflation in both selling prices and building costs.

Steelcase Inc, (SCS: chart), maker of office furniture, reported Q1 earnings of 12 cents a share, higher than a profit of 5 cents a share a year-ago. Q1 includeS restructuring charges of $2.7 million related to facility rationalizations at the company''s North American and International operations. Revenue advanced 7.6% in Q1 to $727.3 million from $676 million in the same period a year ago. The company missed analysts’ estimate for a profit of 14 cents a share.

Walgreen Co., (WAG: chart), drug store chain, reported that Q3 income advanced to 46 cents a share, up from 40 cents, a year ago. Sales increased to $12.2 billion from $10.8 billion, while same-store sales advanced 7.6%. The company topped analysts’ forecast for earnings of 44 cents a share on sales of $12.14 billion.

Mair Holdings Inc, (MAIR: chart), airline holding company, reported a Q4 loss of $2.63 a share, deeper than a loss of 8 cents a share a year-ago. Q4 reflects a loss of $45.6 million from the company''s Mesaba Aviation unit, including $19.6 million in income tax expense, $20.2 million in reorganization-related charges, an $8.9 million asset impairment change and $6.2 million in operating losses. Revenue plunged 95.1% in Q4 from the same period a year earlier.