Monsanto, the largest maker of seeds, tumbled 4.3 percent after saying 2009 earnings will be at the low point of its previous forecast. KeyCorp and Bank of New York Mellon Corp. slid at least 1 percent as the cost of borrowing in dollars between banks climbed amid concern some financial firms are still struggling with the credit crisis.
Wednesday, May 27, 2009
May 27 Market moving report
WSJ: A 10 a.m. report on existing-home sales is likely to be critical for the markets. Economists are looking for a slight rise in sales, which have hovered in a fairly tight range since November. On Tuesday, data showed that home prices are still falling sharply nationwide.
yahoo.com Sales of existing homes are expected to have risen at an annual rate of 4.66 million units, according to the median forecast of 66 economists polled by Reuters, as low interest rates, low home prices and government stimulus stir buying interest. The report is due at 10 a.m.
MarketWatch: Mortgage applications fell 14.2% last week: MBA
Mortgage applications filed last week fell a seasonally-adjusted 14.2% last week, compared with the week before, as rates on 30-year fixed-rate mortgages ticked up, according to the Mortgage Bankers Association's weekly survey, released on Wednesday.
Applications were up 28.5% for the week ended May 22, compared with the same week in 2008. The MBA survey covers about one-half of all U.S. retail residential mortgage applications.
Bloomberg - U.S. stock-index futures fell after Monsanto Co. forecast earnings that disappointed investors and bank borrowing costs rose for a second day.