Toll Brothers profit falls on housing downturn
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Luxury home builder Toll Brothers   on Thursday reported sharply lower quarterly net  income, hurt by a downturn in the U.S. housing market.
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CALABASAS, Calif. - The stock of Countrywide Financial Corp. fell sharply Wednesday after the residential mortgage lender said a slowdown in refinancings led to a 47 percent plunge in profit for the third quarter.
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The aluminum maker said second-quarter profit slipped nearly 4 percent as outage costs at two smelters weighed down results.
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HUNTINGDON VALLEY, Pa. (Dow Jones/AP) -- Toll Brothers Inc. Wednesday said profit for its latest quarter surged 56 percent as demand for new luxury homes remained strong.
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Toll Brothers Inc. , builder of luxury homes, on Tuesday reported a fall in fourth-quarter earnings amid continuing softness in some of the once-hottest U.S. housing markets.
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M&T Bank Corp , the first large  U.S. bank to report fourth-quarter results, said on Monday that  profit fell, hurt by turmoil in residential real estate  markets.
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Luxury home builder Toll Brothers  said quarterly profit fell 79 percent, hurt by the U.S. housing slump, but its shares rose on Thursday along with its sector after government data showed a better-than-expected rise in new home sales.
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Toll Brothers Inc., a US builder of luxury homes, said Wednesday fiscal third-quarter profit rose 56 percent, easily beating analysts&#39; forecasts, helped by record home-building revenue.
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Retailer Home Depot Inc.  said on  Wednesday it expected per-share profit to decline 4 percent to  9 percent this year as the weak U.S. housing market pressures  sales and it boosts investment in stores.
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A steeper-then-expected drop in the   U.S. housing market pushed Lennar Corp.'s LEN.N quarterly   profit down 39 percent and prompted the home builder on Tuesday   to slash its fourth-quarter forecast.
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Toll Brothers Inc. , builder of  luxury homes, on Tuesday reported a fall in fourth-quarter  earnings amid continuing softness in some of the once-hottest  U.S. housing markets.
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The newspaper publisher said earnings fell because of slumping real estate ads and a tough comparison with year-ago profits that were boosted by heavy political advertising.
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Two large Wall Street firms - Morgan Stanley and Bear Stearns - reported a fall in quarterly profits yesterday in sharp contrast to rival players who presented an upbeat performance the day before.
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Building and plumbing firm Wolseley sees profits fall after it is hit by the downturn in the US housing market.
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Wells Fargo & Co  on Wednesday  said fourth-quarter profit fell, the first decline in more than  six years, hurt by rising losses from home equity loans.
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US home improvement chain Home Depot says a US housing market slowdown led to a drop in profits for 2006.
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Government data showing an unexpected surge in new-home sales were little comfort to Toll Brothers.