Since the January 9 pump and dump (which we instantly called) by either corrupt or confused Merrill homebuilder analyst Lorraine Maikis, which diverged wildly from Merrill chief economist and housing bear David Rosenberg, Toll Brothers has fallen from $39.90 on the pump to $29.94 today on the dump - a nice 25% crash in less than a month.
Toll Brothers fell further today (sorry, Banker!) after reporting that basically, they're f*cked.
Nice call Lorraine. Care to explain your 1) corruption or 2) horrible market call? If anyone would like to follow up with Lorraine, she's at 212-449-7622. Perhaps the folks at Merrill, including Mr. Rosenberg, would like to comment?
I'd also like to hear Bob Toll defend his share sales ahead of the slide ($100,000,000 in July 2005 alone - thank you Toll Brother suckers - I mean homebuyers) which he no question saw coming based on his internal reports. Is the SEC working today?
Toll Brothers, continuing its adjustment to a less-frenzied housing market, reported another strong quarter of home sales Tuesday but again tempered expectations for its 2006 delivery rate.
The mansion purveyor said first-quarter homebuilding revenue rose 35% from a year ago to $1.33 billion, while its backlog rose 22% to $5.95 billion. Less impressive was the company's rate of signed contracts, which fell 21% to $1.14 billion amid uneven demand, and deliveries, which Toll said were below plan.
February 07, 2006
Update #4: Merrill Lynch homebuilder pump-and-dump (with Toll Brothers continuing meltdown) - Hello SEC?
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8 comments:
It’s outrageous for a CEO to publicly ensure investors by threatening short sellers “will be crushed”, while at the same time dumping insider shares at ungodly amounts.
Wait and see … this issue is not going away anytime soon. Mr. Toll will regret his disgraceful comments. As TOL continues to slide, more and more angry investors (aka bag holders) will want their 5 lbs of flesh.
Btw, I wonder if the banker is a current bag holder.
Keith,
this OT but have you looked at the NYT blog the walk through? Damon Darlin is ripping off ideas for his blog from the bubble blogs. I guess his is an easy job! His latest is "pointing the finger" about the infighting among mortgage companies about reducing profits. Was it here that I saw that within the last two weeks?
I forwarded this article to the enforement@sec.gov just for kicks to see if it could stir up some interest in the bubble. Hopefully they bring an end to it.
Who knows the level of corruption
I think "the banker" is the same multi-alias troll who goes by "dogcrap green," etc.
I think he lives up near Ben. He's funny once in a while, but based on the amount of time he spends trolling I doubt he has a job or a brokerage account.
Anyone know either guy who can confirm?
I noticed it had the usual B.S. line that demand should firm up because of income growth, rich clients, etc. Isn't that line of bullshit long it the tooth aleady?
sour grapes
while i agree with the anger towards the home builders - posting pics of somebody in handcuffs is overdoing it don't you think?
these guys made a ton of money last year you didn't
next year they won't make much money and you won't either
Robert Toll deserves a perp walk at the very least.
http://insidercow.com/
Type in TOL and read the tea leaves. This was what got me suspicious about the HBs in the first place. Sure some was prudent diversification but this was waaay too much and waaay too consistent.
when this bubble bursts, just like the last one, handcuffs will be involved
anyone care to come up with a top 5 candidate list?
bob toll is number one on mine. I seriously think there's been manipulation (again) at merrill lynch. and you just know there are going to be a parade of mortgage bankers doing the perp walk
let's get it on.
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