Some Apple employees have become disillusioned with the group's culture, where some have thrived while others feel sidelined.Technologyread more
Biden has shown staying power at the top of a jammed Democratic field even as polling numbers for Sanders, Warren and Harris wax and wane.2020 Electionsread more
The FDIC on Tuesday votes to approve a five-agency revision of the post-crisis regulation known as the Volcker Rule.Financeread more
The yield curve is the only economic indicator pointing to a recession, according to Credit Suisse.Marketsread more
Makan Delrahim, the assistant attorney general for the antitrust division, said a large group of bipartisan state attorneys general have spoken to the Justice Department about...Technologyread more
Stocks slipped on Tuesday as investors digested a sharp rebound from a strong sell-off last week.US Marketsread more
With the official launch of the Apple Card, Goldman Sachs has embarked on a multi-decade journey to becoming a leader in consumer banking, CEO David Solomon says.Financeread more
These are the stocks posting the largest moves midday.Market Insiderread more
The move comes as Facebook continues to grapple with its privacy practices and lawmakers' scrutiny over how it uses personal data to display ads. But it probably won't have...Technologyread more
For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.Marketsread more
An under-the-radar hedge fund is ruling the industry with a nearly 30% return this year on its long positions, and it's more than doubling its bet on gold.Marketsread more
Toll's results are the latest evidence of slowing housing demand, after years of steady recovery following the housing crash of 2007-2008. The company's shares were down 4.2 percent in premarket trading.
The housing market has been a weak spot in a robust U.S. economy, with economists blaming the sluggish trend on rising mortgage rates, which have combined with higher prices, to make home purchase unaffordable for potential buyers.
Sales of new U.S. single-family homes plunged to a more than 2-1/2-year low in October due to sharp declines across regions.
Toll, whose homes can cost upwards of $2 million, said orders, a key indicator of future revenue, dropped 13.3 percent to 1,715 units in the quarter ended Oct. 31, against the 6.5 percent rise expected by analysts.
Orders fell the most in California, Toll's biggest market by revenue, declining 39.4 percent to 226 units in the quarter, the company said.
"Significant price appreciation over the past few years, fewer foreign buyers in certain communities, and the impact of rising interest rates, all contributed to this slowdown," Chief Executive Officer Douglas Yearley said, referring to the California market.
Pennsylvania-based Toll forecast first-quarter homes sales in fiscal 2019 between 1,350 and 1,550 units, below the 1,554 units expected by analysts on average, according to IBES data from Refinitiv.
D.R. Horton, the No.1 U.S. homebuilder, last month also forecast first-quarter home sales below analysts' estimates, saying it was seeing a rise in marketing incentives in the face of the choppy demand environment.
Toll's net income rose to $311 million, or $2.08 per share, in the quarter, beating analysts' estimate of $1.83 per share.
Revenue surged 21.1 percent to $2.46 billion, above the Wall Street's expectation of $2.35 billion.