Housing starts soar but markets open lower

Housing starts soared by a greater than expected 13.2% in April but the markets opened lower with the Dow losing 19 points to 16,427. Nasdaq fell 17 points to 4,052.

On the upside

J.C. Penney (NYSE: JCP) narrowed first quarter losses more than expected as revenue rose and the company reported a strong 6.2% gain in same store sales for the quarter.

Rackspace Hosting (NYSE: RAX) retained the services of Morgan Stanley to explore strategic options including a possible sale of the company.

Shares of Zendesk (NYSE: ZEN) continued soaring.

On the downside

Concerns about the terms of World Wrestling Entertainment's (NYSE: WWE) new multi-year licensing deal with NBCUniversal Cable Entertainment sent shares of the company plummeting.

Canadian Solar (Nasdaq: CSIQ) swung to a profit for the first quarter but the results fell short of analyst expectations and the company forecast current quarter revenue below estimates.

Just Energy (NYSE: JE) reported lower fourth quarter earnings even as revenue rose.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 4 points to 1866. Bitcoin added $1.71 or 0.38% to $445.25.

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