Shares of homebuilders rallied Wednesday after Toll Brothers reported strong quarterly results and an industry group said home sales rose in July.
The nation's leading luxury homebuilder reported a 46% jump in net income to $61.6 million in the quarter ended July 31. Toll Brothers also said new contracts rose 57%, and its contract backlog grew 44% during the quarter.
The homebuilding sector was also supported by a report from the National Association of Realtors, which showed sales of existing homes rose 2.3% in July
StockTwits users debated the merits of the rally.
That's a good point. As housing has slowly started to recover, Toll Brothers' stock has steadily climbed higher, gaining more than 60% from the start of the year.
JimCramer: $TOL says best demand in five years. But is it good enough in a market that is suddenly demanding a breather?
Housing has taken such a beating that this time, the turnaround may be for real.
And that may put a temporary crimp in the bigger picture of the housing recovery.
Dell (DELL) is helping lead the market lower. Maybe housing finally has bottomed? And one trader is skeptical of Expedia's (EXPE) ability to buck the bearish trend today.
mojoris1977: just because David Einhorn and Whitney Tilson like $DELL doesn't mean you should just blindly follow them in. $XRX
TrendRida: $DELL takes the meaning of value trap to a new level...
firstadopter: $DELL call: seeing consumers switching IT spend to alternative mobile devices (Can MOREPaul R. La Monica - May 23, 2012 1:39 PM ET
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