Mixed Markets As New Home Sales Drop But Prices Rise
Posted on March 23, 2012 at 13:35 PM EDT
The markets traded mixed during the midday with the Dow rising 19 points to 13,066 as new home sales fell but prices rose. Nasdaq slipped 6 points to 3056.
On the upside
Rumors that Sandridge Energy (NYSE: SD) will be acquired lifted shares of the natural gas and oil company.
A Seeking Alpha contributor expects Arena Pharmaceutical's (Nasdaq: ARNA) weight loss drug Lorcaserin to be approved without restrictions in the United States as well as in Europe.
Silver Wheaton (NYSE: SLW) reported higher fourth quarter earnings on record production.
On the downside
Nike (NYSE: NKE) reported higher third quarter earnings but margins fell.
Piper Jaffray downgraded The Wet Seal (Nasdaq: WTSLA) to a Neutral rating.
Genesis Energy (NYSE: GEL) priced its offering of 5 million units at the discounted price of $30.80 per unit.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE while advancers edged out decliners by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 822.
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