6-Day Winning Streak Ends; New Home Sales Fell 14.5% in March
PUBLISHED ON: Apr 23, 2014
Stocks end the day lower, signaling an end to a six day winning streak. New home sales in March fell a whopping 14.5%, partially due to severe winter weather and higher mortgage rates. SodaStreams (SODA) stocks were up nearly 15% during the morning session and closed up 11% after it was reported that SodaStream may sell a 10% stake in the company to Starbucks (SBUX). Facebook's (FB) first quarter revenue grew 72% year over year, beating sales and earnings estimates.It was also announced today that Facebook's CFO is planning on stepping down effective June 1.
Word on the Street
- New home sales dropped 14.5% in March.
- Delta's (DAL) stock soars to a record high.
- IBM (IBM) is spending $2.4 billion on power servers.
- Sodastream (SODA) in talks with Starbucks (SBUX).
- Microsoft (MSFT) will complete its acquisition of Nokia (NOK) this week.
- HBO and Amazon (AMZN) team up.
- Lexmark (LXK) falls sharply on lower profits and revenue.
Posted in ...Daily Market Commentary