US Stocks Open Lower As European Leaders Meet
Events in Europe and in Asia overshadowed encouraging news from the U.S. housing market.
The Commerce Department said sales of new homes rose solidly last month, adding to evidence of gradual improvement in the housing market. Americans bought 3.3 percent more homes in April led by strong gains in Midwest and West.
Facebook stabilized after two tumultuous days. The stock rose 5 percent to $32.44, although that's still far below the $38 it was priced at before its initial public offering Friday.
Other stocks making big moves included:â¿¿ Dell fell 15 percent after the after the computer maker reported disappointing first-quarter results and predicted weak sales for its fiscal second quarter. Its first quarter profit fell 33 percent on lower sales to big businesses, consumers and the public sector. â¿¿ Ford Motor rose 2 percent, a day after the company won back its blue oval logo, factories and other assets that were pledged as collateral for a massive loan taken out last decade. â¿¿ Guess Inc. rose over 5 percent after its first-quarter results beat Wall Street's expectations, and an analyst recommended that investors buy the stock.
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