Lower Open As New Home Construction Tumbles


April new home construction tumbled to weigh the markets down to a lower open with the Dow losing 35 points 12,512. Nasdaq slipped 2 points to 2779.

On the upside

First quarter earnings slipped for Sino Clean Energy (Nasdaq: SCEI) but revenue climbed and the company affirmed its full year outlook.

Gulf Resources (Nasdaq: GFRE) impressed with sharply higher first quarter earnings that beat analyst expectations.

Saks (NYSE: SKS) reported higher first quarter earnings as revenue rose.

On the downside

Ctrip (Nasdaq: CTRP) reported higher first quarter earnings but the travel service forecast second quarter results below expectations. 

Hewlett-Packard (NYSE: HPQ) reported higher second quarter earnings that topped analyst estimates but the company lowered its full year guidance amidst a challenging global economy.

Douglas Dynamics (NYSE: PLOW) priced its secondary offering of 5 million common shares at the discounted price of $14.50 per share.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 821.

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This page contains a single entry by published on May 17, 2011 6:49 AM.

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