A Peek Into The Market (C, WFC, CPB, T, IBM, YGE, STSA)

US stocks lack direction today as investors received news of better sales of previously owned homes in April. At 10:45 am, the Dow Jones Industrial Average was down 47.39 points, or 0.46%, to 10,146. The S&P 500 was down 2.15 points, or 0.20%, to 1,085.54 while the Nasdaq was up 8.09 points, or 0.36%, to 2,236.35. The National Association of Realtors announced today that the US saw a 7.6% growth in the resale of homes during the month of April. The seasonally adjusted annual rate of resale stood at 5.77 million as buyers rushed to complete sales before a tax credit expired. Goldman Sachs upped its rating for Citi C from “neutral” to “buy” and the group’s shares advanced 2.8% on the news. On the other hand, Wells Fargo WFC plunged 3.5% after Goldman downgraded it from “buy” to “neutral.” Campbell Soup Company CPB today announced results for its fiscal Q3 ended May 2. The Camden, New Jersey headquartered company recorded higher sales in its key US soup market, led by increased spend on promotions. The company reaffirmed its full-year guidance. However, CPB had slipped 0.80% to $35.19 by 11:15 am today. IBM is going to acquire business-software maker Sterling Commerce from AT&T T for about $1.4 billion in cash. IBM fell 0.46% to $124.81 by 11:20 am today, while T shed 1.53% to $24.47. Yingli Green Energy YGE, a Chinese solar module company, posted Q1 results today. The profits stood at $0.23 a share, while the analysts were expecting it to earn $0.25 a share. By 11:24 am, YGE had risen 2.51% to $9.82. The private-equity firm Warburg Pincus said that it is going to support Sterling Financial STSA in the latter’s recapitalization plan by making an investment of $139 million. STSA climbed 18% to $0.885 by 11:29 am. Read more from Benzinga's Markets. Register for the LA Trader's Expo for Free Here!