Markets Down As New Home Sales Plunge

The markets traded lower during the midday with the Dow losing 10 points to 16,503 as new home sales plummeted in March. Nasdaq fell 24 points to 4,136.

On the upside

Israeli business newspaper Globes reported that Starbucks (Nasdaq: SBUX) engaged in discussions to acquire a 10% stake in SodaStream International (Nasdaq: SODA).

Shares of GW Pharmaceuticals (Nasdaq: GWPH) continued rising after Morgan Stanley set a $103 price target on the medical marijuana company yesterday.

Xoom (Nasdaq: XOOM) reversed year ago losses to post a stronger than expected profit for the first quarter as revenue surged.

On the downside

Zhone Technologies (Nasdaq: ZHNE) disappointed with flat first quarter earnings and revenue.

First quarter earnings tumbled for iRobot (Nasdaq: IRBT).

Intuitive Surgical (Nasdaq: ISRG) reported sharply lower first quarter earnings and revenue.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by more than 5 to 3 on Nasdaq. The broader S&P 500 eased a point to 1878. Bitcoin slipped $1.66 or 0.34% to $481.48.

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