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Surprise Drop In Pending Home Sales Sends Markets Tumbling

An unexpected drop in pending home sales sent the markets tumbling during the midday with the Dow slumping 163 points to 12,416. Nasdaq plunged 45 points to 2825.

On the upside

NCI (Nasdaq: NCI) was awarded the Chief Information Officers-Solutions and Partners Government Wide Acquisition Contract.

Fourth quarter earnings more than doubled for Booz Allen (NYSE: BAH) to surpass analyst expectations.

The Fresh Market (Nasdaq: TFM) reported higher first quarter earnings and revenue that beat expectations.

On the downside

Perfect World (Nasdaq: PWRD) disappointed with lower first quarter earnings.

Teavana (NYSE: TEA) reported flat first quarter earnings but revenue fell short of expectations and the company forecast current quarter revenue below estimates.

Deutsche Bank downgraded Frontline (NYSE: FRO) to a Sell rating.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 763.

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