U.S. stocks remain under water following U.S. housing data

Date: Tue, 08 Apr 2008 16:01:03 (GMT)

U.S. stocks remain under water following U.S. housing data

U.S. stocks open lower after Alcoa Inc.'s earnings fall short of
forecasts and Advanced Micro Devices Inc. projects revenue under what it
had anticipated and said it would cut its workforce 10%.

Economic Report: Index of pending U.S. home sales down 1.9% in February:
NAR

In a sign that the U.S. housing market may weaken further, an index of
sales contracts on previously owned homes fell 1.9% in February from the
prior month, the National Association of Realtors reported Tuesday.

AMD to cut 10% from work force, predicts slower growth

SAN FRANCISCO
Shares of Advanced Micro Devices Inc. fell more than 3% Tuesday morning
after the chipmaker said it plans to reduce its workforce and expected a
bigger decline than expected in first-quarter revenue.

Alcoa profit falls 50%, shares weigh on broad market

Alcoa kicks off the first earnings season of the year with
lower-than-expected profits in what will likely become a familiar
refrain of falling fortunes, a slowing economy, surging energy costs and
a weak U.S. dollar.

IMF to sell 12.5% of gold stake, worth more than $13 billion

The International Monetary Fund said it would sell more than 14.2
million ounces of gold, currently valued at more than $13 billion, and
cut substantial costs as part of an efficiency drive.