Midday Leaders & Laggards: S&P 500

The S&P 500 was down 0.71 points to 1,375.22 at 11:30 a.m.

Earlier in the day, the Commerce Department said sales of new homes rose 3.3 percent in April to a seasonally adjusted rate of 526,000 units--a better-than-expected increase. However, home prices plunged 14.1 percent in the first quarter, the steepest drop in 20 years, according to Standard & Poor's/Case-Shiller.

Meanwhile, the Conference Board said in a separate report its consumer confidence index fell to its lowest level since October 1992.

Bond insurer MBIA Inc. had the biggest decline on the index, losing 28 cents, or 3.8 percent, to $7.09.

Wireless communications provider Sprint Nextel Corp. lost 33 cents, or 3.8 percent, to $8.35.

Web-based trading service InterContinental Exchange Inc. fell $4.71, or 3.3 percent, to $138.

Among the gainers, mortgage insurer MGIC Investment Corp. added 40 cents, or 3.5 percent, to $11.90.

Rural communication services provider Citizens Communications Co. advanced 36 cents, or 3.3 percent, to $11.39. On Tuesday, Credit Suisse analyst Christopher M. Larsen upgraded the company to "Outperform" from "Neutral," saying the sector is underperforming the market and may experience consolidation.

Darden Restaurants Inc. rose $1.07, or 3.3 percent, to $32.80 after a Merrill Lynch analyst upgraded the casual restaurant chain to "Buy" from "Neutral" in a note to investors.