Existing home sales plunged more than expected to weigh down the markets during the midday with the Dow tumbling 102 points to 10,072. Nasdaq dropped 26 points to 2132.
On the upside
Second quarter earnings for Trina Solar (NYSE: TSL) doubled as revenue surged prompting the photovoltaic module maker to lift its full year shipment forecast.
Indications that the government may lift part of the Gulf of Mexico drilling ban boosted shares of Transocean (NYSE: RIG).
Daktronics (Nasdaq: DAKT) reported higher first quarter earnings that nearly doubled to top analyst estimates as the company cut expenses.
On the downside
Buildings materials company CRH (NYSE: CRH) blamed the weak housing market in the United States for warning of an earnings shortfall.
Barnes & Noble (NYSE: BKS) disappointed with a loss for the first quarter due to expenses stemming from a proxy fight with billionaire shareholder Ron Burkle. The bookseller also cut its full year guidance.
While third quarter earnings rose for Bank of Montreal (NYSE: BMO), the results fell short of expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 3 points to 598.
