Markets Mixed Even As Pending Home Sales Surge

The markets traded mixed during the midday with the Dow losing 5 points to 8716 even as pending home sales surged by the largest amount in almost eight years. Nasdaq added a fraction to 1829.

On the upside

J.P. Morgan upgraded Continental Airlines (NYSE: CAL) citing declines in the airliner's stock price.

Morgan Keegan upgraded SunTrust Banks (NYSE: STI) due to its attractive valuation.

Technitrol (NYSE: TNL) will sell its Medtech components business to Altor Fund III for $200 million in cash.

On the downside

Daktronics (Nasdaq: DAKT) reported sharply lower fourth quarter earnings that fell short of analyst estimates. 

ProLogis (NYSE: PLD) declared a dividend of $1.0675 per Series C preferred share payable on June 30, 2009 to shareholders of record June 15, 2009.

DCT Industrial Trust (NYSE: DCT) priced its offering of 24 million shares of common stock at $4.25 per share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 524.