New Home Sales Drop Unexpectedly, Markets Fall

On the upside

Conolog (Nasdaq: CNLG) began production of its "GlowWorm" fiber optic detector that will allow maintenance work to be performed without cutting the cable.

Sify Technologies (Nasdaq: SIFY) reversed year ago losses to post a profit for the third quarter as revenue rose and company realized a one-time gain.

Rockwell Automation (NYSE: ROK) reported first quarter results well above expectations and lifted its full year outlook.

On the downside

Jackson Hewitt (NYSE: JTX) secured only half the funds it needs to provide tax refund anticipation loans.

Cemex (NYSE: CX) disappointed with a fourth quarter loss as sales dropped.

US Airways (NYSE: LCC) is expected to post a fourth quarter loss when the airliner releases earnings tomorrow.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 611.