Wall Street declines on lower existing home sales
by Elaine Frei
US homebuilders were hit by news that existing home sales were down in July to their lowest level in over two years, sending the New York equities markets lower at midday. The Dow Jones Industrial Average was 0.4 percent lower at mid-session, to 11,300.06, while the Nasdaq Composite had dropped 0.6 percent to 2,137.25 and the S&P 500 had declined by 0.4 percent to 1,293.68.
With new home sales data due out later in the day, Pulte was 2.3 percent lower to $28.45, while KB Home had dropped 4.8 percent to $41.13.
Also on the losing side was XM Satellite Radio. After gains on Tuesday on a broker upgrade, XM was down 4.6 percent to $12.90. Campbell Soup was also lower at mid-session, dropping 2.8 percent to $36.81 after Prudential downgraded the foods company from “neutral weight” to “underweight”.
Ford Motor added 5.1 percent to $7.80 on talk that Bill Ford had spoken to the head of Nissan and Renault about a possible co-operation deal if a deal with General Motors falls through.
The semiconductor sector was up, with Advanced Micro Devices adding 1.1 percent to $25.14 and National Semiconductor up 2.4 percent to $23.13 even though it lowered its revenue prediction for the current quarter.
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