Housing Starts Drop, Markets Open Lower
A drop in April housing starts and permits for new projects made a possible recovery of the housing market more elusive. Investors took profits as the Dow lost 17 points to 8486 while Nasdaq gave up 5 points to 1727.
Shares of Avon Products (NYSE: AVP) rose after the cosmetics company signed up 1 million new sales reps in the 1st quarter.
Shares of FONAR Corporation (Nasdaq: FONR) soared after the medical device company posted higher revenues that resulted in an unexpected profit.
Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) applied for permission to repay TARP funds in the ammount of $10 billion each.
American Express (NYSE: AXP) announced plans to cut up to 4000 jobs in order to save $800 million this year.
In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 489.
On the upside
Luxury retailer Saks Inc. (NYSE: SKS) reported lower revenues and a 1st quarter loss, but the results surpassed expectations. Cost-cutting was expected to add $60 million to the bottom line this year.Shares of Avon Products (NYSE: AVP) rose after the cosmetics company signed up 1 million new sales reps in the 1st quarter.
Shares of FONAR Corporation (Nasdaq: FONR) soared after the medical device company posted higher revenues that resulted in an unexpected profit.
On the downside
Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) applied for permission to repay TARP funds in the ammount of $10 billion each.
American Express (NYSE: AXP) announced plans to cut up to 4000 jobs in order to save $800 million this year.
In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 489.
