Stifel Nicolaus analyst Mike Widner said in a note on Friday morning that there were few positives in the KB Home earnings, other than the lack of asset impairments. Stifel Nicolaus was most concerned about the order shortfall -- given that KB Home would have benefited in March and April from the tax credit. The Stifel analyst also wrote that the earnings miss was driven by an increase in SG&A expenses, and that was a point of concern, too, as Lennar, on the other hand, has been improving its operating and gross margin. There was a sense among some analysts, as has been the case with the recent housing market data and earnings, that the consensus numbers do not reflect the true situation of these homebuilder stocks, and investors have already built worse assumptions into the share prices-- although the KB Home report was certainly a much more disappointing report that Lennar's Thursday earnings, where a major miss of the consensus new order number was not a driver for a major selloff in its shares.