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February 25, 2014
14:32 EDTTOLToll Brothers says to date in Q2, contracts in units down about 8%
Management said, "Through the first three and-a-half weeks of our second quarter, our contracts in units were down about 8%. During this time, traffic has actually been up about 8% per community, which is encouraging, especially given the weather in many of our markets." They noted that demand has leveled more recently against some very strong prior year comparisons. Despite that, they remain optimistic on the spring selling season based on solid affordability, attractive interest rates, and growing pent-up demand. They continue to be encouraged by the strength of the coastal California markets. They expect growth in California as well as significant expansion in Texas to further diversify the company and spur growth as they move forward. For FY14, the company expects a 175bps-200bps improvement in gross margin over FY13 levels, with the most significant improvements occurring in Q3 and Q4. Full year 2014, SG&A is still anticipated to be up 25% over full year 2013. Comments from company's Q1 earnings conference call.
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August 28, 2014
15:02 EDTTOLToll Brothers September weekly volatility elevated into Q3
Toll Brothers September weekly call option implied volatility is at 30, September is at 25, October and January is at 24; compared to its 26-week average of 27 according to Track Data, suggesting large near term price movement into its release of Q3 results on September 2.

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