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Opening Glance: REITs mostly fall on weak economic data



By AP
24 April 2008 @ 10:09 am EST

NEW YORK - Shares of real estate investment trusts mostly fell Thursday morning as orders to factories for big-ticket manufactured goods dropped for a third straight month in March, the longest string of declines since the 2001 recession. The market was also weighed down by a report that sales of new homes fell to their lowest level since 1991, a sign that the housing market has not yet started to recover.

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VNO 100.03 -0.41
BXP 101.05 0.05
KIM 37.81 0.57
HST 14.32 0.27

SYMBOL LOOKUP

Separately, Vornado Realty Trust was downgraded by Merrill Lynch to "Neutral," from "Buy."

Here's how some REITs performed shortly after market open:

Host Hotels & Resorts dropped 16 cents to $16.60.

Vornado Realty Trust fell $1.08, to $92.21.

Boston Properties Inc. slipped 4 cents to $101.01.

Bucking the trend, Kimco Realty Corp. gained 46 cents to $40.19.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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