Toll Brothers quarterly profit falls sharply
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Toll Brothers Inc.  on Thursday said the weak U.S. housing market drove down its quarterly profit 67 percent after write-downs for lower land values, and the luxury home builder lowered its forecast.
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U.S. stocks fell on Thursday after worries about bad mortgage debts hit bank shares and a warning from luxury home builder Toll Brothers Inc.  reignited concern about the erosion of the housing market.
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NEW YORK - Toll Brothers Inc., a US builder of luxury homes, said on Wednesday third-quarter profit rose 56 percent, easily beating analystsâ forecasts, helped by record home-building revenue.
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Toll Brothers , the leading  U.S. luxury home builder, reported fiscal quarterly profit rose  3 percent on higher home prices, but the company lowered its  earnings forecast for the year in another signal of a slowing  U.S. home market.
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Brokerage Bear Stearns Companies  BSC.N on Wednesday said quarterly profit fell 10 percent hurt  by lower investment banking revenue and higher expenses.
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Apparel retailer Talbots Inc.  said on Wednesday that quarterly net profit fell, hurt by heavy markdowns and declining sales at its flagship Talbots chain.
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U.S. investment bank Morgan Stanley on  Wednesday said quarterly profit fell amid reduced trading  revenue, reflecting the impact of sluggish markets this summer.
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Cell phone maker Motorola Inc. on Wednesday said net profits fell sharply in the fourth quarter, and it warned that the recovery in its struggling handset unit will take longer than expected.
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U.S. stocks fell sharply on Thursday as worries about mortgage delinquencies hurt bank shares and a warning from home builder Toll Brothers Inc.  underscored weakness in the housing market.
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Luxury home builder Toll Brothers Inc.   on Thursday said it expects to report a 19-percent drop  in home-building revenue.
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Sears, Roebuck and Co. on Thursday  said quarterly profit fell sharply compared with a year  earlier, when the department store operator had a gain from the  sale of its credit card business, but the profit topped  forecasts as the retailer slashed costs.
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The wood products company said Thursday that its fourth-quarter profit fell sharply from a year ago, when it posted a big gain from the sale of forest land.
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Luxury home builder Toll Brothers Inc.  reported a 44 percent drop in quarterly earnings on Tuesday, but said the slumping U.S. housing market -- which has weighed heavily on its results -- might be bottoming out.
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Marsh &amp; McLennan  posted a bigger-than-expected drop in quarterly profit as it digested higher costs and hefty restructuring charges.
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Company reports a decline in its router business during its quarterly earnings, which barely met analyst expectations.
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The soft drink maker said its fourth-quarter profit fell 31 percent from results a year ago that included a tax benefit from a settlement with the Internal Revenue Service.
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Fourth-quarter profit fell 8 percent on declining advertising sales at the companyâs newspapers and television stations.