The recent strong gains in stock prices appear to have many investors cautious as August winds down. With stock indexes at the highest points all year, any gains may be modest on Wall Street today.Stocks rose slightly yesterday on news that oil inventories last week were higher than anticipated, leading to speculation that an economic recovery, if on its way, may be slow and anemic.
Stocks to watch include luxury home-builder Toll Brothers (NYSE: TOL), which reported Thursday morning a much larger quarterly loss of $472.3 million, or $2.93 a share, compared to a loss of $29.3 million, or 18 cents a share, a year ago. Included in the loss was a $439.4 million non-cash deferred tax allowance and write-downs totaling $115 million in the quarter. Last year's results included write-downs of $139.4 million. New home buyers wait-and-see attitudes took a toll on the company's revenues, which fell 42% to $461.3 million. But the company said it sees signs of stabilization in the housing market. The company is scheduled to discuss its fiscal third-quarter results today in a conference call at 2 p.m. ET.
Computer-maker Dell Inc. (NASDAQ: DELL) also releases earnings today. It's expected to report earnings slipped to 22 cents a share from 25 cents a share a year ago. The company sales volume could also provide insight as to whether PC buyers are holding off purchases in anticipation of the release of Microsoft's (NASDAQ: MSFT) new Windows 7 operating system, due in October.
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