Record Low New Home Sales, Markets Fall
Record low new home sales weighed down the markets during the midday with the Dow losing 46 points to 9994. Nasdaq slipped 5 points to 2118.
On the upside
Shares of GigaMedia (Nasdaq: GIGM) climbed ahead of its earnings release tomorrow before market open.
VeriFone Systems (NYSE: PAY) reported higher third quarter earnings that beat analyst expectations as revenue climbed.
Oppenheimer analyst Yair Reiner upgraded Corning (NYSE: GLW) to an Outperform rating.
On the downside
Brown Shoe Co. (NYSE: BWS) reversed year ago losse to post a profit for the second quarter but the company trimmed its sales growth for the full year.
Mosaic (NYSE: MOS) president and chief executive James Prokopanko received a 40% compensation increase during the fiscal year ended May 31.
A March 14, 2011 court date has been set for a lawsuit against Massey Energy (NYSE: MEE) alleging that a company silo next to Marsh Fork Elementary exposed hundreds of children to toxic coal dust.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 595.
