Major indices were higher in midday trading after the U.S. GDP growth rate for the second quarter was revised upward to 3.7% from 2.3% and strong labor market numbers.
The S&P 500 was up 2.4% to 1,987.00. The Dow Jones Industrial Average was up 2.2% to 16,643.84. The Nasdaq was up 2.4% to 4,811.29.
The yield on a 10-year Treasury bond was up 0.8% to 2.19%.
The price of gold was down 0.1% to $1,123.
HOMEBUILDING
Orange County homebuilders were up on a rise in a pending home sales index and a dimmer possibility of a September rate hike by the U.S. Federal Reserve.
Irvine-based Standard Pacific Corp. was up 2.4% to $8.47 and a $2.3 billion market value on its common stock. Irvine-based Tri Pointe Group was up 1.1% to $13.79 and a $2.2 billion market cap. Newport Beach-based William Lyon Homes was up 2% to 21.49 and a $665 million market cap. Aliso Viejo-based New Home Co. Inc. was up 6.8% to $14.26 and a $232 million market cap.
TECHNOLOGY
Irvine-based Western Digital Corp, was up 3.4% to $81.29 and an $18.7 billion market cap. Analysts at Wells Fargo initiated coverage on the storage products maker’s shares with an “outperform” rating.
HEALTHCARE
Irvine-based Sabra Health Care REIT Inc. was up 3% to $25.30 and a $1.7 billion market cap. Analysts at JMP Securities upgraded shares of the health facilities owner to “market perform.”
RETAIL
Irvine-based Tilly’s Inc. was up 1.6% to $8.21 and a $232 million market cap. The youth apparel retailer reported higher net sales and gross profits. Analysts at three companies maintained or reiterated their ratings ranging from “neutral” to “buy” with price targets of $9 to $12.
