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| Wall Street Market Report | Wall Street Market Report |
| (35 minutes later) | |
| (Open): Shares in cosmetics firm Elizabeth Arden sank 4% after the company said it is selling its weakest businesses and brands. | (Open): Shares in cosmetics firm Elizabeth Arden sank 4% after the company said it is selling its weakest businesses and brands. |
| The firm is also cutting jobs and and is closing its Puerto Rico business and expects a one-off charge of up to $95m. | The firm is also cutting jobs and and is closing its Puerto Rico business and expects a one-off charge of up to $95m. |
| Walgreen shares were down 1.6% after the pharmacy chain reported profits that missed analysts expectations. | Walgreen shares were down 1.6% after the pharmacy chain reported profits that missed analysts expectations. |
| Walgreen also said it is considering shifting its tax base overseas, by merging with Alliance Boots. | Walgreen also said it is considering shifting its tax base overseas, by merging with Alliance Boots. |
| The company bought a 45% stake in Alliance Boots in 2012 and has an option to buy the rest of the company. | The company bought a 45% stake in Alliance Boots in 2012 and has an option to buy the rest of the company. |
| Several US firms have used mergers to move their tax base to countries with lower corporate tax rates. | Several US firms have used mergers to move their tax base to countries with lower corporate tax rates. |
| Housing data | Housing data |
| In economic news, new home sales jumped to a six-year high in May. | In economic news, new home sales jumped to a six-year high in May. |
| The Commerce Department said sales surged 18.6% to 504,000 units - the highest level since May 2008. | The Commerce Department said sales surged 18.6% to 504,000 units - the highest level since May 2008. |
| But a separate report showed that the growth in house prices is slowing. | But a separate report showed that the growth in house prices is slowing. |
| The Case-Shiller 20-city home price index rose 10.8% in April from a year earlier, down from the 12.4% reading for March. | The Case-Shiller 20-city home price index rose 10.8% in April from a year earlier, down from the 12.4% reading for March. |
| David Blitzer, chairman of committee which prepares the index said: "Near-term economic factors favour further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015 and the labour market is improving." | David Blitzer, chairman of committee which prepares the index said: "Near-term economic factors favour further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015 and the labour market is improving." |
| Overall the Dow Jones Industrial Average was little changed in early trading at 16,921. | Overall the Dow Jones Industrial Average was little changed in early trading at 16,921. |
| The S&P 500 index was also little changed at 1,961. | The S&P 500 index was also little changed at 1,961. |
| And the Nasdaq was 2 points higher at 4,371. | And the Nasdaq was 2 points higher at 4,371. |