Markets Trim Losses As Home Construction Climbs
The markets trimmed earlier losses to trade flat during the midday with the Dow slipping 8 points to 12,787 as new home construction climbed to the highest level in four years. Nasdaq edged up a point to 2916.
On the upside
DSW (NYSE: DSW) reported higher third quarter earnings and revenue that beat analyst expectations.
Motley Fool listed Molycorp (NYSE: MCP) as one of five stocks under $10 that was worth buying.
Construction of new homes rose in October at the fastest pace in four years to lift shares of Hovnanian Enterprises (NYSE: HOV).
On the downside
Patterson Companies (Nasdaq: PDCO) disappointed with second quarter earnings and revenue that fell short of analyst expectations.
Intel (Nasdaq: INTC) chief executive Paul Otellini will retire in May 2013.
Western Union (NYSE: WU) announced new lower fees to transfer money from the United States to Mexico and most of Latin America.
In the broad market, declining issues were on par with advancers on the NYSE while decliners edged out advancers by a margin of 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 792.
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