Lower Open As New Home Prices Fall
Sales of new homes rose last month but prices fell. The markets opened lower with the Dow losing 38 points to 12,467 while Nasdaq slipped a point to 2819.
On the upside
Second quarter earnings for International Game Technology (NYSE: IGT) nearly tripled to top analyst expectations as expenses dropped.
Sohu.com (Nasdaq: SOHU) reported higher first quarter earnings and announced that it will pay approximately $68.26 million to acquire a majority stake in online gaming company Shenzhen 7Road Technology.
Polycom (Nasdaq: PLCM) reported sharply higher first quarter earnings that surpassed analyst estimates as revenue surged.
On the downside
Barrick Gold (NYSE: ABX) will pay approximately $7.8 billion in cash to acquire Equinox Minerals.
Kimberly-Clark (NYSE: KMB) disappointed with lower first quarter earnings that fell short of expectations and the company dropped the low end of its full year outlook.
Citi lowered its price target on Morgan Stanley (NYSE: MS).
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 843.
