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Drop In Existing Home Sales Weighs Down Markets

A 1.5% drop in May existing home sales weighed the markets down to a lower open with the Dow losing 19 points to 12,804. Nasdaq fell 16 points to 2914.

On the upside

Genesis Healthcare will acquire Sun Healthcare Group (Nasdaq: SUNH) in a deal valued at approximately $275 million including the assumption of debt.

A Food and Drug Administration advisory panel recommended approval for Onyx Pharmaceuticals' (Nasdaq: ONXX) multiple myeloma treatment carfilzomib.

Rite Aid (NYSE: RAD) narrowed first quarter losses more than expected as same store sales rose.

On the downside

Bed Bath & Beyond (Nasdaq: BBBY) reported higher first quarter earnings but revenue fell short of expectations and the domestic merchandise retailer forecast current quarter earnings below analyst estimates.

Celgene (Nasdaq: CELG) withdrew its new indication application for expanded approval to European regulators of its multiple myeloma treatment Revlimid.

Stephens downgraded Key Energy (NYSE: KEG) from Overweight to Equal Weight and cut its price target from $16 to $11.

In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by nearly to 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points 777.

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