U.S. stocks opened lower on Tuesday as several major companies reported quarterly results. Toll Brothers (TOL) reported strong numbers, helped by a solid housing market. Home Depot (HD) also was helped by housing, and reported record earnings. The latest data on housing was released this morning, with the Case-Shiller index showing a 5.7% increase in housing prices in December. Struggling retailer Macy’s (M) reported another monthly drop in same-store sales, but it managed to beat estimates for earnings and revenue. Still, Macy’s said it will close 36 stores and eliminate 4,500 jobs. Fitbit (FIT) also was out with quarterly results, beating expectations. But the company’s shares were under pressure on a weak outlook. TheStreet’s Rhonda Schaffler has details from Wall Street.
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