Stocks move lower after surprising drop in home sales

Stocks have reversed early gains and are slightly lower after a report showing a surprising drop in home sales.

The National Association of Realtors says existing home sales fell 2.7 percent in August compared with a 7.2 percent rise in July. Economists had been expecting a fifth straight increase.

Stocks had been rising in the early going after the Labor Department said the number of newly laid off workers seeking unemployment benefits fell for a third week in a row. Initial claims for unemployment insurance fell by 21,000 last week to 530,000, better than the 550,000 economists had expected.

The Dow Jones industrial average is down 22 at 9,725. The Standard & Poor’s 500 is down 6 at 1,054, and the Nasdaq composite index is down 15 at 2,115.

Yesterday’s Top Performing Small Cap Stock:

Biomagnetics Diagnostics Corp. (Pink Sheets: BMGP) was a eXpressIR top performer yesterday closing up over 3% on trading volume of 308,802 shares.

A New Audio Interview with Biomagnetics Diagnostics Corp. is now available at eXpressIR. Mr. Joe Noel of Emerging Growth Research, LLP discusses Biomagnetics Diagnostics Corp., a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis, and malaria detection. The interview can be heard at: http://smallcapvoice.com/blog/9-18-09-audio-interview-with-biomagnetics-diagnostics-corp-otcpk-bmgp/

Today’s eXpressIR Hot Stock to Watch:

U.S. Geothermal, Inc. (AMEX: HTM)

U.S. Geothermal, Inc. CEO, Daniel Kunz was interviewed by The Wall Street Transcript.

The Wall Street Transcript has just published its Alternative Energy/Clean Energy/Power Generation/Utilities Report report offering a timely review of the sector to serious investors and industry executives. This 83 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers.

GWS Technologies, Inc. (OTC BB: GWSC)

GWS Technologies, Inc., an alternative energy company developing and marketing solar and wind-powered renewable energy products and solutions, today announced that it has launched an initiative to install solar energy systems in Arizona schools and other state and federal government facilities and has submitted its initial turn-key solar installation proposals. The initiative follows the Arizona Corporation Commission’s recent authorization for the Scottsdale Unified School District to enter into power-purchase agreements for solar systems on two high schools in which the school district will pay a private company for the power.

The decision is seen as allowing schools and other government facilities to benefit from incentives offered by utilities since they are not eligible for federal tax credits. Last month, the Commission approved a utility request for $143 million in extra incentives for commercial systems, including schools, bringing the total amount to roughly $220 million that the utility could pay out over the lifetime of the solar installations.