- Retail Earnings in Focus Ahead of Shopping Season
- Apple Surpasses Nokia as Top Handset Maker by Profit
- In This Relay-Race Market, Who Gets Baton Next?
- Workers Staying Put at Their Jobs as Jobless Surges
- Three Things the US Can Do To Stop the Dollar's Decline
- Toll Brothers: More Contracts Signed, but Sales Down
- Ponzi Proceeds: Bidding on Madoff's Toys
- Bear Stearn Fund Managers Not Guilty on All Counts
- Commodity ETFs: Returns May Not Match Expectations
- Beware of 'Trampling Effect' When Market Tops: Manager
- Gold Heading to $1150: Art Hogan
- Starbucks Brews Up Growth
- Farr: An Extended Period—No Fat Lady in Sight
- More Upside if S&P Passes This Number: Market Pro
- Murdoch Lashes Out At Google
- Fighting The Flu Vaccine Critics
- Nov. 10: Unusual Volume Leaders
- Shadow Inventory Dwarfs Loan Mods
MOST SHARED
- Herbalife Vs. Hedge Funds
- Apple Surpasses Nokia as Top Cellphone Maker by Profits
- China Factory Output Leaps to 19-Month Highs
- Gold Heading to $1150: Art Hogan
- America Is On Sale
- Toll Brothers: More Contracts Signed, but Sales Down
- Cramer Jeers J&J, Applauds Abbott
- Adobe Cuts 680 Jobs, to Take Charge
- Should You Believe in this Rally?
Text Size 
Homebuilder Toll Brothers on Wednesday announced that it expects to post a 22 percent drop in first-quarter home-building revenue.
The top U.S. luxury builder said home-building revenue was $842.7 million for the three months ended Jan. 31, down from $1.09 billion in the year-ago quarter.
Toll Brothers [TOL
Loading...
()
] is slated to release final figures for the quarter on Feb. 27.
The company said it also expects to take $150 million to $300 million in quarterly writedowns of land and land options.
"The housing market remains very weak in most areas," Robert I. Toll, chairman and chief executive, said in a statement.
He added, "Based on current traffic and deposits, we are not yet seeing much light at the end of the tunnel."
But Banc of America sees at least a dim ray: it upgraded its rating of Toll Brothers to "neutral" from "sell."
"We continue to think Toll needs to lower prices more aggressively near-term to regain volume and work through its long land supply," Banc of America Securities analyst Daniel Oppenheim said in a research note.
And sector investors should take note: It also upgraded rivals Pulte Homes [PHM
Loading...
()
] and KB Home [KBH
Loading...
()
] to "buy" from "neutral."
Print
Email
- Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
- If you are lucky enough to have money and the time, this is a great time to see America, says CNBC's Jane Wells.
- What’s powering your microwave, fridge and computer? Part of it is fuel from Russian nuclear weapons. The NYT reports.
- One author sees lessons for you in Disney’s recent Makeover of Mickey Mouse: “Nice” doesn’t always win.
- With 123 years of history, slogans and commercials, Coca-Cola is the most recognized brand on earth.
- The opening of a virtual pet store in “World of Warcraft” could prove a cash bonanza for Activision-Blizzard.
Data is a real-time snapshot *Data is delayed at least 15 minutes