Down nearly 10% after reporting its first year-over-year decline in new home orders in four years, Toll Brothers (NYSE:TOL) has reversed dramatically, now higher by 0.2%.
We could attribute the move to comments in the conference call, but that doesn't begin until 2 ET.
More likely, there's some sell (buy) the news action going on - the homebuilders have been relentlessly sold this year, squeezed by higher rates, higher prices, higher costs, and the removal of the SALT deduction. But the news is improving, at least on rates. The 10-year yield is at a three-month low and the Fed rate hike cycle is showing signs of ending.
Previously: Homebuilders cry for help (Dec. 4)
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