Stocks got off to a quiet start, trading mixed early Monday, as earnings reports and company news were the main attractions.
The Nasdaq shed mild losses and edged a fraction into positive territory. The S&P 500 and the Dow Jones industrial average remained down 0.1% each.
Volume was also tightly mixed in the stock market today, up 1% on the Nasdaq and 10% lower on the NYSE, compared to action at the same time Friday.
Existing home sales slowed in June to an annualized rate of 5.08 million homes, the National Association of Realtors reported. That was below a downwardly revised pace of 5.14 million for May, and weaker than expectations for 5.27 million. Home prices increased for a seventh straight month. But inventory also rose almost 2% to 2.19 million homes, a five month supply.
In stocks, some of the morning's biggest earnings reports spurred only modest moves. Halliburton (HAL) and Corning (GLW), for example, each dipped a fraction after delivering quarterly results.
McDonald's (MCD) slumped 3% in opening trade after reporting softer than expected quarterly results.
Yahoo (YHOO) dropped 4% out of the starting gate. The search engine operator announced Monday that three company directors nominated by hedge fund Third Point will resign July 31, and Yahoo will repurchase 40 million shares of stock owned by Third Point ? reportedly about two-thirds of the fund's Yahoo stake. The sale, at 29.11 per share, is valued at about $1.2 billion.
Yahoo is still a fraction above a 27.78 buy point in a nine-week base.
Leading stocks opened trading primarily in a narrow range. The biggest early gain on the IBD 50 list came from three-dimensional printer maker Stratasys (SSYS), up 2% in strong volume. The stock is trying to retake a 95 buy point after briefly clearing that mark last week. The base is a risky late-stage structure.
Some of the earnings reports due after the close include Netflix (NFLX), Texas Instruments (TXN), Volterra Semiconductor (VLTR) and Zions Bancorp (ZION).
Source: http://news.investors.com/investing-stock-market-today/072213-664599-stocks-mixed-early-monday.htm
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