Mixed Markets As New Home Sales Drop But Prices Rise
The markets traded mixed during the midday with the Dow rising 19 points to 13,066 as new home sales fell but prices rose. Nasdaq slipped 6 points to 3056.
On the upside
Rumors that Sandridge Energy (NYSE: SD) will be acquired lifted shares of the natural gas and oil company.
A Seeking Alpha contributor expects Arena Pharmaceutical's (Nasdaq: ARNA) weight loss drug Lorcaserin to be approved without restrictions in the United States as well as in Europe.
Silver Wheaton (NYSE: SLW) reported higher fourth quarter earnings on record production.
On the downside
Nike (NYSE: NKE) reported higher third quarter earnings but margins fell.
Piper Jaffray downgraded The Wet Seal (Nasdaq: WTSLA) to a Neutral rating.
Genesis Energy (NYSE: GEL) priced its offering of 5 million units at the discounted price of $30.80 per unit.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE while advancers edged out decliners by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 822.