Stocks Plunge after New Home Sales Report

  • July 26, 2007
  • Darren Wong

Wall Street plunged on Thursday morning, continuing its week-long
streak of volatility after disappointing home sales figures added
to investors’ growing fear of the subprime and lending markets.
New home sales fell 6.6% last month, the largest percentage drop
since sales fell by 12.7% in January.

Crude oil futures for September delivery rose
1.5% to $77.95 a barrel on growing concern about falling supplies
in the U.S.  Gold futures for
August delivery fell fractionally to $670.20 an ounce after the US
dollar rose against the Euro.


Around

Asia, Shanghai’s Composite index added 0.5% to 4,346.46, Hong
Kong’s Hang Seng index lost 0.6% to 23,211.69, and Tokyo’s Nikkei
index lost 0.9% to 17,702.09.

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Stocks in Motion

Apple’s
(
AAPL |
Quote |
Chart |
News |
PowerRating) Sweet Third Quarter Pales Against Guarded Outlook
(full
story). AAPL shares jumped 7%.

Black & Decker
(
BDK |
Quote |
Chart |
News |
PowerRating) Q2 Profit Declines On Housing Meltdown, High
Commodity Costs; Shares Down On Dismal Forecast (full
story). BDK shares lost 6%.

Pulte Homes
(
PHM |
Quote |
Chart |
News |
PowerRating) Slips To Q2 Loss, Revenue Drop 40% (full
story). PHM shares dropped 5%.

QUALCOMM
(
QCOM |
Quote |
Chart |
News |
PowerRating) Q3 Profit Up 24%; Sees Q4 EPS Above Analysts’
Estimate; Lifts FYO7 EPS Forecast Above Consensus (full
story). QCOM shares made fractional gains.

Ford
(
F |
Quote |
Chart |
News |
PowerRating) Turns To Profit In Q2, Revenues Up 6%, North American
Unit’s Loss Narrows (full
story). F shares rose 4.3%.

For more stories as they happen, go to our
Breaking News section.

 


Market Snapshot

Dow

 -221.27 13,563.80

NASDAQ

 -47.83 2,600.34

S&P 500

 -28.99 1,489.47

 

 NYSE NASDAQ

Volume

 1,868,090,000 1,291,443,000

Advances

 282 487

Declines

 2916 2435

Up Volume

 185 194

Down Volume

 1433 987

New Highs

 33 56

New Lows

 560 247


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
CBOE Technology Index (TXX) Amex Airline Index (XAL)
Computer Hardware Index (HWI) Securities
Broker/Dealer Index (XBD)
Computer Technology Index (XCI) Gold Bugs Index (HUI)


 


Economic
News

Durable Goods Orders +1.4% vs
+2.0% consensus

Initial Claims 301K vs 310K consensus

New Home Sales 834K vs 900K consensus

Help Wanted Index 26 vs 27 consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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