A disappointing report on the housing market overshadowed some upbeat earnings report. New home sales in March fell 14.5% from February to an annual rate of 385,000, the lowest level since July. That was well short of the 450,000 economists were expecting. The Northeast was the only region to see the pace of sales pick up in March.
Median home prices rose to $290,000 in March, up 12.6% over last year.
In corporate news, Delta Air Lines shares (DAL) were up 6.07% after it reported earnings per share of $0.33 which beat estimates of $0.29 a share.
Shares of Gilead Sciences (GILD) were up 1.39% on news strong sales of its Hepatitis C drug Sovaldi which helped it beat earnings forecasts by wide margins.
Dr. Pepper Snapple Group (DPS) shares were up 3.99% after it reported earnings of $0.74 a share this morning, beating estimates of $0.59 a share.
Tomorrow will be another busy day for earnings with these companies among those scheduled to report: Caterpillar (CAT), Visa (V), Amazon (AMZN), Starbucks (SBUX), Microsoft (MSFT), General Motors (GM), American Airlines (AAL), United Continental (UAL), Delphi Automotive (DLPH), Jet Blue (JBLU), Southwest Airlines (LUV), 3M (MMM), Eli Lilly (LLY), Time Warner (TWC), Dunkin Brands (DNKN).
- Airline Industry