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STOCKS FALL; HOME BUILDERS LEAD DECLINE
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| By Vivianne Rodrigues
16 minutes ago
NEW YORK (Reuters) - U.S. stocks fell on Tuesday as
disappointing results and outlooks from companies, including
leading home builder Toll Brothers Inc. (NYSE:TOL - news), diminished
demand for equities.
Shares of Toll Brothers fell 11.6 percent to $34.85 after
the luxury home builder posted record fourth-quarter revenue
but warned new home deliveries and earnings next year would
probably fall
Declines in Toll Brothers helped push the Dow Jones home
builder index (^DJUSHB - news) down 6.2 percent, the index biggest
one-day drop since November 2002.
"Housing stocks have peaked, and we are starting to see a
retracement in their shares," said Stanley Nabi, vice chairman
of Silvercrest Asset Management Group in New York with $6
billion in assets. "We are going through a period of agitation,
with mixed earnings results, and the housing sector is one spot
that is looking vulnerable."
The Dow Jones industrial average (^DJI - news) was down 48.91
points, or 0.46 percent, at 10,537.32. The Standard & Poor's
500 Index (^SPX - news) was down 6.15 points, or 0.50 percent, at
1,216.66. The technology-laced Nasdaq Composite Index (^IXIC - news)
was down 10.72 points, or 0.49 percent, at 2,167.52.
Toll Brothers said softening demand in some markets will
slow its ability to raise prices.
Another home builder, Hovnanian Enterprises Inc. (NYSE:HOV - news),
fell 5.2 percent to $45.84.
Economists have warned of a possible slowdown in the
housing market, which has been an engine of growth, because of
a steady pace of interest-rate hikes.
A report on Tuesday by Redbook Research, an independent
company, showed U.S. chain store sales rose in the first week
of November, boosted by some early holiday shopping. Sales in
November to date were up 0.5 percent compared with the same
period in October.
Auto parts maker Visteon Corp. (NYSE:VC - news) on Tuesday also
posted a bigger-than-expected third-quarter loss
. Visteon declined 7 percent to $8.36 on the
New
York Stock Exchange.
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