Stocks Retreat After Housing Data

  • May 24, 2007
  • Darren Wong

U.S. stocks fell despite positive housing data that
showed a 16% jump in new home sales.The Nasdaq Composite was hit
hardest with a 1.5% drop. 

June crude futures lost 2.4% to $64.18 per barrel
after refinery shutdowns that may increase oil inventories. 
June gold futures also moved lower by 1.4% to $653.30 an ounce.

Around Europe, Germany’s DAX Index
lost 0.5% to finish at 7.697.38, France’s CAC 40 fell 1.2% to
6,048.31, and Britain’s FTSE 100 Index fell 0.77% to 6,565.40.

Today’s

PowerRatings Heat Map continues to show price action that has historically
led to lower prices.  If you are an aggressive trader, there are many
potential short positions for you to investigate in our Heat Maps.

Our

Research Archives can give you ideas to take advantage of
pullbacks in the overall markets as well as in individual stocks.



Stocks in
Motion

Toll Brothers’
(
TOL |
Quote |
Chart |
News |
PowerRating) Earnings Fall on Housing
Slowdown (full
story).  TOL shares rose by 1.1%.

Jabil
Circuit
(
JBL |
Quote |
Chart |
News |
PowerRating) Q2 Profit Falls 80% On Higher Costs,
One-time Charges; Core EPS Miss Street View; Revenue Rises 27%; Backs Q3
Forecast (full
story).  JBL shares lost 2%.

Mylan Labs
(
MYL |
Quote |
Chart |
News |
PowerRating) Slides To Loss In Q4 On Expense Write-offs; Adj. EPS Increases;
Revenues Up 53% (full
story).  MYL shares fell by 2%.

Limited Brands
(
LTD |
Quote |
Chart |
News |
PowerRating) Q1
Profit Plummets 47%; EPS, Revenue Match Consensus; Same-store Sales Up 4%;
Slashes FY07 EPS Outlook; Announces $500Mln Share Buyback (full
story).  LTD shares fell 1.5%.

Gymboree
(
GYMB |
Quote |
Chart |
News |
PowerRating) Q1 Earnings Rise; Gives Q2 View; Lifts FY08 EPS View (full
story).  GYMB shares jumped nearly 9%.

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

Market Snapshot

Dow

 -84.44 13,441.21

NASDAQ

 -39.13 2,537.92

S&P 500

 -14.77 1,507.51

 

 NYSE NASDAQ

Volume

 2,768,112,000 2,319,553,000

Advances

 582 697

Declines

 2657 2339

Up Volume

 577 282

Down Volume

 2482 1924

New Highs

 127 104

New Lows

 43 59


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Morgan Stanley Healthcare Payors Index (HMO) Computer Hardware Index (HWI)
GSTI Services Index (GSV) Amex Gold Bugs Index (HUI)
PHLX/KBW Bank Sector Index (BKX) GSTI Software Index (GSO)


Economic
News

New Home Sales 981K
vs 860K consensus; 16.2% m/m

Durable Orders +0.6% vs
+0.9% consensus

Initial Claims K 311K vs 305K consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com