Pending home sales took an unexpected dip in February, slipping 0.5% to 96.5 on the National Association of Realtors Pending Home Sales Index. This drop shows a poor start for home selling heading into spring. Economists were expecting a 1% jump after a 2% jump in January.
The warm winter could also be skewing housing numbers as home sales saw unexpected jumps earlier in the year. Analysts are still waiting to see the housing industry recover as it was one of the worst hit from the 2008 economic crisis. Improvements in the jobs market and lower home sales should lead to some noticeable improvements later this year, hopefully.
Stocks are holding up after this poor news from the housing sector thanks to remarks from Ben Bernanke.
In late morning trading, the major stock indices are up 1% or more.
NYSE Stocks to Watch
Solarwinds, Inc. (NYSE:SWI) is up 7.79% today at $41.77. SWI has traded 1.1 million shares so far today, above its daily average of 1 million shares. SWI hit a new 52 week high of $42.22 today and is up $14 a share on the year. The company has a market cap of 3.04 billion.
Tenet Healthcare Corporation (NYSE:THC) is up 6.10% in late morning trading at $5.58. THC has traded 6 million shares so far today and trades 8.3 million shares a day on average. Last Wednesday a judge dismissed Tenet’s lawsuit against Community Health. The company has a market cap of 2.28 billion.
PolyOne Corporation (NYSE:POL) is up 6.69% today at $14.52. POL has traded 435 thousand shares this morning and trades 561 thousand shares a day on average. PolyOne was upgraded to outperform from market perform at Wells Fargo. The company has a market cap of 1.29 billion.
Flotek Industries, Inc. (NYSE:FTK) is up 4.39% today at $13.09. FTK has traded 708 thousand shares so far today and trades 1.7 million shares a day on average. Flotek stock has rallied about $2.50 a share for the month after hitting a low of $10.50. The company has a market cap of 642.46 million.
Health Management Associates, Inc. (NYSE:HMA) is up 3.60% today at $6.90. HMA has traded 1.2 million shares so far today with an average volume of 5.7 million shares a day. On the year, HMA shares are down slightly, but up from a low of below $6 in January. The company has a market cap of 1.76 billion.
Officemax Incorporated (NYSE:OMX) is up 2.56% today at $6.01. OMX has traded just over 1 million shares in late morning trading and trades 1.8 million shares a day on average. OMX shares are up more than $1 a share in the past 3 weeks. The company has a market cap of 517 million.
Office Depot, Inc. (NYSE:ODP) is up 3.81% today at $3.6750. ODP has traded 1.4 million shares so far today and trades 4.6 million shares a day on average. Office Depot announced today they will celebrate re-opening of 13 stores in Houston, Texas with a special appearance by Nascar driver Tony Stewart. The company has a market cap of 1.03 billion.
Lions Gate Entertainment Corporation (NYSE:LGF) is up 2.54% today at $14.90. LGF is up on heavy volume today with 15.3 million shares traded, 7 times its average volume. Lions Gate is celebrating the massive opening “The Hunger Games” had over the weekend. The movie raked in $214 million in its opening weekend. The company has a market cap of 1.88 billion.