Toll Brothers quarterly sales rose 19% and net income soared 73%. Home backlog value jumped 35% to $11.7 billion average home price neared $900,000.
TOL
TOL
Stocks traded lower and investors reacted to the latest batch of earnings and awaited details of the latest Fed policy meeting on May 4. Dick's Sporting Goods plunged 13% on cautious outlook.
Advance Auto Parts quarterly sales declined 1.3% and net income in the quarter fell 26%. The retailer guided full-year comp sales to increase between 1% and 3%.
AAP
AAP
AutoZone said comparable same store sales rose 2.6% in the quarter and on top of 28.9% a year ago. The parts retailer repurchased $900 million of its share in the quarter.
AZO
AZO
Abercrombie & Fitch gross margin declined 810 basis points on higher raw materials and freight costs and the apparel guided lower operating margins in the second quarter and for the full-year.
ANF
ANF
Indexes in Germany and France fell after the ECB President raised the need to lift rates in tackling 4-deccade inflation. The British pound fell against the euro after the UK private sector expanded at the slowest pace in fifteen months.
Zoom Video Communication quarterly revenues rose 12% but net income was cut in half. Revenues in the Americas rose 15% and enterprise revenues jumped 31% to represent 52% of total revenues.
ZM
ZM
European markets advanced after takeover and merger activities perked up. A private survey showed business confidence unexpectedly rose in Germany.
Asian markets were on the defensive after Beijing city imposed additional restrictions in 22 districts. Stocks in Japan gained after the Tokio Marine fiscal year net income more than doubled. Indexes in India were on the defensive.
Popular indexes after another day of wild swings stayed near the flat but extended weekly losses not seen in decades. The S&P 500 briefly touched the bear territory and the Dow logged its eighth weekly loss, the longest streak since 1932.
The latest rate cut is among a series of steps taken by Chinese authorities to revive housing demand and spur construction and manufacturing activities as the nation prepares to emerge from stringent Covid-19 restrictions.