Ruthless trader

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Fred Cooper, Toll's senior vice president of finance , said that controlling land is key to Tol's growth. He told analysts and shareholders last thursday at an annual conference that the company's approach is to first put land under option with a relatively small deposit and take it through an often times lengthy and complex approval process for building. Then Toll buys it and takes title. About 51% of the 91, 000 lots controlled by Toll are optioned and the rest are owned. Toll plans to grow the number of its selling communities to 295 at the end of fiscal 2006, up from 230 the previous year.

During the annual event, Toll said that the company plans to continue to grow the number of its selling communities and buy back more shares. So far this quarter, Toll has repurchased about 1.65 million shares through the close of last Wednesday. And about a quarter of the firm's shares are held by insiders.
 
The low valuation could spark acquisitions in the industry. When asked by an analyst whether the home builder would consider a buyout bid from management, Toll said he would. While management could have done it when shares were lower, he said they didn't because it meant they would have to take on considerable debt, which is risky. In the meantime, Toll Brothers is considering a small acquisition in the Northeast, he said.
 
According to Bank Credit Analyst (a research firm based in Montreal), major declines in emerging markets involving foreign stocks since 1990 have lasted 45.6 weeks and were brought down by 34% from the peak. Last month, funds investing in foreign stocks sustained record outflows of 2.2 billion, according to AMG Data Services. Hedge funds in the US that invest in emerging markets have reported an average of 14% decline in returns for the month of May. Morgan Stanley Capital Index, a widely followed emerging markets index, fell by 15% in the last 4 weeks. If the research data base by Bank Credit Analyst holds any merit, shares in emerging markets could easily plunge an additional 25% over the next 3 to 4 months.
 
Did you notice today's huge volume versus yesterday's anemic one (INTC)? I didn't think much of yesterday's .40 sell-off on low volume. However, today's upside on heavy volume without any appearant news is something to cheer for.
 
I love having my intelligence insulted. How many blocks of stock did you trade today - please be sure to post immediately as we are all watching with baited breath.

I wish more whales would post thier block trades in real-time. Why don't they? :)
 
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