Big Drops in S&P Constituents – Share Price of Owens Ill (OI) Richard Ellis (CBG) Down Most

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(Best Syndication News) The S&P 500 fell 22.45 points (-1.74%) to 1,265.42 today. The index is down 5.22 percent over the last 30 business days.

Riots in Greece incited investor uncertainty. Markets opened lower in the United States but shot lower after scenes of the unrest were broadcast.

The biggest S&P 500 loser today was Owens-Illinois, Inc. (NYSE:OI). The share price fell 4.00 (-13.54%) to $25.54. In after-hours the share price continued to decline another 0.04 (-0.16%) to $25.50.

The company has 81 glass bottle factories in 21 countries and is the largest bottle maker in the world. At the Deutsche Bank Global Industries and Basic Materials Conference the company announced that their second quarter adjusted net earnings will be lower than last year.

CB Richard Ellis Group, Inc. (NYSE:CBG) was the second biggest loser on the S&P 500. The share price fell 1.34 (-5.52%) to $22.94.

Weak rental figures hurt the real estate brokerage service. After seven quarters in a row of declines there was an increase of 4.3% year-over-year in their CBRE Global Office Rent Index.

New home sales are slowing and this could be bringing down public real estate brokerage firms in-general. Jones Lang LaSalle Incorporated (NYSE:JLL) and Kennedy-Wilson Holdings, Inc. (NYSE:KW) were down more than three percent today while Grubb & Ellis Company (NYSE:GBE) dropped more than five percent.

There was some good news in the real estate business today. The Mortgage Bankers Association (MBA) said that purchase applications were higher. It was the biggest increase in three months.

The MBA said their seasonally adjusted index of mortgage application activity climbed 13.0 percent for the week ending June 10th.

By: Dan Wilson



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