Toll Brothers (TOL) NewsBite - TOL Sinks on Lower Home Sales
Posted: Wednesday, February 25, 2009 10:10 AM EDT
By: Market Intelligence Center Staff
Toll Brothers (NYSE: TOL) opened at $16.87. So far today, the stock has hit a low of $16.32 and a high of $16.98. TOL is now trading at $16.37, down $0.65 (-3.82%). Over the last 52 weeks the stock has ranged from a low of $13.55 to a high of $28.00. Shares of TOL are trading lower with other homebuilders this morning after the National Association of Realtors announced existing home sales fell 5.3 percent in January to a seasonally-adjusted annual rate of 4.49 million, the lowest level in 12 years. Analysts had expected a slight uptick in existing home sales. Technical indicators for the stock are bullish and S&P gives TOL a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on TOL the stock seems like it could be a candidate for a June out-of-the-money bear-call credit spread above the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]
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