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Tokyo Opens Lower
Nov 08, 9:19 PM EST |
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| Home builder, Toll Bros, earnings warning and lowered revenue guidance put the entire home buidling sector in a tailspin. |
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| Toll Bros earnings and revenue guidance took market by a surprise. Traders wasted no time in driving the stock lower by 14% and took down Lennar and Beazer with it down 5%. It was only less than 60 days ago that some of the insiders had sold the stock. Volatile oil. Bond yields rose to 4.567%. AFTER CLOSE: Pixar reports 22 cents vs. 19 cents, stock jumps 6%. McKesson reports 53 cents vs. 29 cents a year ago. Blue Nile reports 13 cents vs. 9 cents a year ago, stock fell 4.5%. |
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Volatile Trading
Nov 08, 2:42 PM EST |
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| Linens 'n Things announced that it has agreed to be acquired for $1.3 billion by a newly-formed company controlled by Apollo Management. |
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| Auto parts maker Visteon caused concerns over the automotive sector, reporting third-quarter narrower loss of $1.58, but missing analyst expectation of a more modest loss. Home builder Toll Brothers is another disappointment of the day as the company projected lower sales and profit for the following year. |
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Auto and Housing Stocks Fall
Nov 08, 10:46 AM EST |
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| Linens 'n Things announced that it has agreed to be acquired for $1.3 billion by a newly-formed company controlled by Apollo Management. |
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| Auto parts maker Visteon caused concerns over the automotive sector, reporting third-quarter narrower loss of $1.58, but missing analyst expectation of a more modest loss. Home builder Toll Brothers is another disappointment of the day as the company projected lower sales and profit for the following year. |
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Toll Brothers Cuts Guidance
Nov 08, 8:59 AM EST |
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| Oil prices hover round $59 on unusually warm weather, reducing heating fuel demand. Gold trades mixed in Europe. The dollar strengthens. |
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| Asian-Pacific markets closed mixed with the Nikkei declining 0.2% on lower oil and banking shares sell-off. European stocks advanced at mid-day on automakers and Sanofi-Aventis. Luxury home builder Toll Brothers released record fourth-quarter revenue, but lowered sales and profit guidance for 2006. French drug maker Sanofi-Aventis reported 29% profit growth on 12% higher sales, reaffirmed its 2005 earnings outlook. |
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