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TOL Summary: Glimmers of Hope

By Scott Rothbort

 About this article:
 Scott Rothbort's preview of the Toll Brothers earnings report can be found here. Toll Brothers' stock price declined over 6% today on the back of the company's report. However, we received some glimmer of hope, as there is evidence that the market is improving -- cancellations are declining, inventory is drying up, and deposits are on the rise. Jim Cramer categorized these conditions as what a housing bottom looks like. He will get no arguments from me. Also, when I glance over at Brian Gilmartin's excellent coverage of Hovnanian, there appears to be some good news to report from that homebuilder. TOL's balance sheet is in excellent condition, and the company is on the prowl for opportunities, The entrance into the Houston market will be the company's first major expansion foray since the multiyear downturn began. Expect TOL to make some acquisitions as small luxury homebuilders fold up...

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