Greater Than Expected Drop In Home Sales Weighs Down Markets

February 26, 2010 10:02 AM |
A much greater than expected drop in January home sales sent the markets modestly lower during the midday with the Dow losing 6 points to 10,314. Nasdaq eased a fraction to 2234.

 

On the upside

Republic Airways Holdings (Nasdaq: RJET) reported higher fourth quarter earnings as revenue surged from the company's acquisition of Frontier Airlines.

While fourth quarter earnings fell for Interpublic Group of Companies (NYSE: IPG), the advertising company cut expenses and expects economic conditions to stabilize in 2010.

Fourth quarter earnings for Rosetta Stone (NYSE: RST) more than doubled to surpass expectations.

On the downside

Cleveland BioLabs (Nasdaq: CBLI) raised $5 million through a private placement of common shares and warrants for common shares to institutional investors.

Novatel Wireless (Nasdaq: NVTL) reversed year ago losses to post a profit for the fourth quarter but the company forecast first quarter results well below expectations.

Fourth quarter earnings for SandRidge Energy (NYSE: SD) fell short of estimates and the company trimmed its production outlook for 2010. 

In the broad market, advancing issues barely edged out decliners by a slim margin of nearly 5 to 4 on the NYSE while decliners outpaced advancers by more than  9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 627.

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This page contains a single entry by published on February 26, 2010 10:02 AM.

Slip In Consumer Sentiment Weighs Down Markets was the previous entry in this blog.

GDP Expands More Than Expected, Markets Close Up is the next entry in this blog.

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