Stocks are lower amid weak home sales data
Stocks are giving up early gains Wednesday after a report showed sales of new homes unexpectedly fell last month.
The Commerce Department says new home sales fell 11.3 percent in November to their lowest level since March. The market had rallied a day earlier after sales of existing homes rose much faster than expected last month.
New home sales fell to a seasonally adjusted annual rate of 355,000, the lowest level since March. Economists had forecast sales would rise to 440,000.
Stocks are higher following positive home sales data
Stocks pushed higher for a third straight day after a report that home sales were surprisingly strong last month.
The National Association of Realtors said Tuesday that home resales jumped 7.4 percent in November, much more than the 2.5 percent increase expected. Sales were 44 percent above last year’s levels, and at their highest level in nearly three years. The improvement is due to an extraordinary amount of federal support that encouraged homebuyers to take advantage of big tax breaks.
SANTA BARBARA, CA — (Marketwire) — 12/21/09 — Solutions Group, Inc. (PINKSHEETS: SOLU) announced that its subsidiary, idrive Monitoring Systems, entered into a strategic partnership with Zenware, Inc., an Idaho-based solar technology company. Under the terms of the synergistic agreement, Zenware will distribute the iDrive X-1 product line to government and fleet customers in the Northwestern US, anticipating thousands of sales beginning in January 2010, while SGI will introduce a line of Zenware solar products targeting fleet vehicles to current clients and prospects.
Stocks are trading lower after wholesale inflation rose more than expected in November
Wholesale inflation rose more than expected in November, led by a surge in energy costs.
The increase likely will be discussed as Federal Reserve policymakers begin a two-day meeting on interest rates. The Fed is expected to keep rates unchanged when it releases a policy statement following the meeting Wednesday.
SANTA BARBARA, CA — (Marketwire) — 12/14/09 — Santa Barbara-based Solutions Group Inc. (PINKSHEETS: SOLU) announced that it has been awarded a contract from CrowleyJones to head up a team that will study the feasibility of a ground-breaking technology for use in a new medical application.
SANTA BARBARA, CA — (Marketwire) — 12/10/09 — Solutions Group, Inc. (PINKSHEETS: SOLU) announced that its subsidiary, idrive Monitoring Systems, has ramped up production to meet increased demand for idrive X1 cameras. During the holidays, 1000 units are scheduled for manufacturing to meet January shipment requirements.
Randy Aldridge, Chief Technical Officer, stated, “High product demand has pushed our production schedule up significantly. New relationships with distributors have also contributed to the need to ramp up production.”