Sales of existing homes in June declined by 2.6%, which is below the 1% drop economists' forecasted. The news pushed the Dow Jones, S&P 500 and the Nasdaq in negative territory. The Russell 2000 and the S&P 600 are being lead down with the overall market with the Russell 2000 is trading at 711.73 and the S&P 600 Small Cap is at 371.60, both down about 1%.
Shares of Cirrus Logic(CRUS Quote) surged 30% to $6.29 after being upgraded to a buy from Needham.
Needham was impressed with Cirrus's financial results it reported after the bell yesterday. For the first quarter 2009, the company earned $2.1 million, or 3 cents a share, on revenue of $44.0 million--excluding one-time items the company earned $3.7 million, or 6 cents a share. The results exceeded analysts' estimated that expected earnings of 4 cents a share. Needham's price target for the company is $7.00. ...
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