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March 21, 2012 at 18:13 PM EDT
Unexpected Drop In Home Sales Weighs Down Markets
An unexpected drop in existing home sales weighed the markets down to a lower close with the Dow falling 45 points to 13,124. Nasdaq added a point to 3075.
On the upside
Rumors circulated that generic drug maker Watson Pharmaceuticals (NYSE: WPI) was close to finalizing a deal to acquire rival Actavis.
Goldman Sachs analyst Heath Terry upgraded LinkedIn (NYSE: LNKD) to a Buy rating and set a price target of $135 per share.
USG (NYSE: USG) reported upbeat preliminary results for the first two months of the first quarter.
On the downside
Investors locked in profits on DHT Holdings (NYSE: DHT).
AAR (NYSE: AIR) reported higher third quarter earnings but warned of plane shortages and higher expenses in the fourth quarter.
CreXus Investment (NYSE: CXS) declared a quarterly dividend of $0.27 per share payable on April 26, 2012 to stockholders of record March 28, 2012.
In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 829.
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