Stocks Follow Home Sales...Down ( KBH, ZNGA, DRI, BONE, PHM, NKE )

Stocks Slid On Home Sales Data (KBH, ZNGA, DRI, BONE, PHM, NKE)

U.S. stocks extended its previous session losses on Friday as new-home sales came below economists’ estimates even as prices stormed higher.The Dow Jones Industrial Average fell 24 points at 13,022. Those for the S&P 500 slumped 4 points to 1,389. Those for the Nasdaq declined 16 points to 3,047.

The Commerce Department reported that Sales of new homes fell 1.6% to a seasonally adjusted annual rate of 313,000 from a downwardly revised 318,000 in January, missing economists’ estimates of 330,000 annual rate, and the government had previously pegged January sales at 321,000.

KB Home(NYSE:KBH) is the biggest loser and slumped over 10% to $10.09 after the company reported much higher than anticapted loss in its fourth as its Net orders declined 8.1% and cancellation rate rose to 36% from 29% a year earlier. The company lost 59 cents a share on revenue of $254.6 million, well below analysts’ estimates of a loss of 24 cents a share on revenue of $338 million.
Zynga Inc(NASDAQ:ZNGA) slid 4.76% to $13.10 as the company revealed that insiders at the social-game maker plan to sell more than $558 million worth of stock as part of a secondary offering.
Darden Restaurants, Inc.(NYSE:DRI) lost 2.60% to $50.47 after the company said that it earned $164.1 million, or $1.25 a share on revenue of $2.16 billion in its third-quarter, compared to analysts’ estimates of $1.24 a share on revenue of $2.15 billion.
Bacterin International Holdings Inc(NYSEAMEX:BONE) shares are falling over 20% after said that Operating loss trimmed 21% to $2.7 million, as compared to a loss of $3.4 million in the same quarter last year.  Revenue during the quarter grew 72% to $9.1 million, as compared to the $5.3 million for the year ago period.
PulteGroup, Inc.(NYSE:PHM) lost 4.40% to $8.72 after the Labor Department reportedly has stepped up pressure on the company amid an investigation into the housing industry's pay practices.
NIKE, Inc.(NYSE:NKE) shares lost 4% to $106.77 after reporting profit of $560 million, or $1.20 a share, as against $523 million, or $1.08 a share, in the year ago period. Revenue increased 15% to $5.85 billion during the quarter. Analysts projected earnings of $1.17 a share on revenue of $5.82 billion.