Updated from 11:40 a.m. EST
Toll Brothers (TOL Quote) sent shivers through the homebuilding sector Tuesday, after the luxury-home vendor tempered its forecast for 2006, based on disappointing new order numbers in its just finished fourth quarter.
Toll plunged 14% to $34. While Toll's high-end offerings can make it a poor barometer for the construction industry as a whole, investors nevertheless sold down the entire homebuilding sector Tuesday. The Philadelphia Housing Sector Index fell 5.4%.
Even though Toll also posted healthy fourth-quarter sales figures, in which revenue jumped 39% year over year to $2.01 billion, investors clearly focused on the latest quarterly order numbers, which rose just 1% on a unit basis to 2,272 homes. Some analysts were projecting 15% growth in orders. ...
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