Toll Brothers (TOL, 21.13, up $2.74) is up 15% today after surprising Wall Street with some rather upbeat comments ahead of its earnings. The company said its new contracts are up over 40%, and that it expects 4Q revenue will top the Street’s expectations.
Revenue for the company is expected to come in at $487 million, well ahead of the market estimate of $386 million. Comments from the CEO:
“We have definitely progressed from one year ago. The shock to the financial system in mid-September 2008 that shut down the capital markets appears to be mostly behind us.
We have been cautious on the sector because we didn’t want to go long or short because of the uncertainty but this is the second straight quarter that Toll Brothers has said something “hot”. Something to keep an eye on…
Toll Brothers is expected to release earnings on November 23rd.
Other stocks in the sector also got a bump; KB Home (KBH, $15.49, up $0.81), Lennar (LEN, $15.09, up $0.79) and Pulte Homes (PHM, $9.95, up $0.49) are all up over 5%.
We also wanted to update our trades one last time before we go today. We got some breaking news on our retail trade that we just sent out. Also, our Priceline.com (PCLN, $197.10, down $7.12) was closed as the $7.50 stop was taken out. The official results for our 2009 portfolio shows a gain of 468%!
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