New Home Sales Plunge, Markets Down
A plunge in new home sales weighed down the markets during the midday with the Dow falling 30 points to 10,263. Nasdaq lost 13 points to 2248.
On the upside
InfoLogix (Nasdaq: IFLG) engaged KPMG as the company's independent registered accounting firm.
Bank of America Merrill Lynch upgraded Holly (NYSE: HOC) to a Buy rating and lifted the price target to $35.
Philip Morris (NYSE: PM) blamed the weak euro for lowering its full year outlook but the updated income range is within analyst estimates.
On the downside
Suntrust Robinson Humphrey downgraded Wilmington Trust (NYSE: WL).
Goldman Sachs downgraded Edwards Lifesciences (NYSE: EW).
HB Fuller (NYSE: FUL) disappointed with lower second quarter earnings due to a one-time accounting charge.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 643.
