This morning, Toll Bros. posted another quarterly loss, but the $20.8M loss for its Q2 was lower than the $40.4M for the same quarter a year ago. The Horsham luxury home builder said that contracts were up 8 percent. Also, it now expects to "deliver" 2,300 to 2,800 houses this year. That's a bit better than the 2,200 low end it had previously forecast.
No one's in a good mood filling up their gas tanks lately. Whenever oil prices run up, charges of unscrupulous speculator fly around. Well, the Commodities Futures Trading Commission is suing two trading firms for their actions during the 2008 spike when oil nearly reached $150 per barrel. Details here in this Reuters report.
Shire, the Dublin-based pharmaceutical company with North American HQ in Wayne, has gotten word from two more generic drug makers who want to make generic versions of its Vyvanse, an ADHD treatment. Amneal Pharmaceuticals and Waton Laboratories join Sandoz in wanting to copy the drug, which Shire says is protected by patents that expire in 2023. Shire's sales of Vyvanse totaled $634M in 2010.
And for your economics morsel of the morning, the OECD released its semi-annual forecast in which it raised its expectations for U.S. economic growth to 2.6 percent in 2011 from 2.2 percent. But the group said that the Federal Reserve should begin to move off its zero interest rate policy by raising to 1 percent by the end of the year. (I'm sure the Fed will get right on that.)
Feels as if this early stretch of hot weather is melting all the business news away.