Gain In Pending Home Sales Lifts Markets
Posted on February 27, 2012 at 14:45 PM EST
An unexpected gain in pending home sales lifted the markets higher during the midday with the Dow rising 25 points to 13,008. Nasdaq gained 8 points to 2971.
On the upside
Cemex (NYSE: CX) commenced an exchange offer for Euro-denominated notes and Perpetual Debentures for new senior notes in Dollars or Euros.
Transocean (NYSE: RIG) widened fourth quarter losses due to a goodwill impairment charge and estimated losses for the Deepwater Horizon oil spill but revenue climbed to top estimates.
Whirlpool (NYSE: WHR) will begin trading ex-dividend on Wednesday, February 29.
On the downside
Fourth quarter earnings plunged for Quicksilver (NYSE: KWK) to fall short of estimates and the company warned of lower production in 2012.
Balchem (Nasdaq: BCPC) disappointed with flat fourth quarter earnings that missed expectations by a wide margin.
Shares of Hewlett-Packard (NYSE: HPQ) fell after Goldman Sachs lowered its June quarter shipment forecast for PCs.
In the broad market, declining issues were on par with advancers on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 827.
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