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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) - Get Free Report

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.

Shares of



rose sharply by 21% to $17.14 after exceeding analysts' earnings and sales estimate for the second quarter.

The electronic retailer profits declined 16% to $41.4 million, or 32 cents a share, from $47 million, or 34 cents a share, it earned in the same period last year. Sales rose to $994.9 million from $934.8 million, an increase of 6% year over year. Analysts' expected earnings to be 26 cents a share with sales of $908.5 million.

Shares of

Sierra Wireless

(SWIR) - Get Free Report

dropped by 17% to $13.27 after Jefferies & Co. downgraded the stock to market outperform and lowered its price target to $18 from $22.

Shares of


(IRBT) - Get Free Report

rose 12% to $15.02 after it reported exceptionally strong second-quarter results driven by its Home Robot Division and reaffirmed its full year guidance.

After the bell yesterday, the Bedford, Mass.-based firm reported revenue grew to $67.2 million from $47.0 million, an impressive 42.9% increase year over year. The net loss for the quarter was $4.5 million, or 18 cents a share--an improvement from a net loss of $4.8 million, or 20 cents a share, for the same quarter last year. iRobot's earnings exceeded analysts' estimates by 11 cents a share.

Shares of

Charlotte Russe

( CHIC) fell by 15% to $12.50 after Roth Capital downgraded the stock to a hold from a buy and lowers the target price to $14 from $17.

According to

, several brokerages mention their concerns over the retailer due to a large percentage of its stores based "in the challenge Southwest, California, and Florida regions" as well being exposed to a lower income demographic.

This article was written by a staff member of