Toll Brothers shares closed nearly 6% lower on Wednesday after the builder reported first-quarter earnings and sales that fell below analyst expectations.It wasn’t high housing costs or increased competition from more homes on the market that led to the miss,

Toll Brothers stock dropped 5.8% in Wednesday premarket trading after the homebuilder's fiscal Q1 earnings and revenue failed to meet Wall Street expectations, even though it reaffirmed full-year guidance.

Toll Brothers, Inc. reported lower-than-expected results for the first quarter in their earnings report, falling short of expectations--despite a rise in new contracts.