U.S. stocks opened slightly lower on Monday as investors awaited March new home sales data.
The S&P 500 Index declined 1.39 points, or 0.10 percent, to trade at 1,335.99 at 9:35 a.m. EDT. The Dow Jones Industrial Average declined 18.69 points, or 0.15 percent, to trade at 12,487.30. The Nasdaq Composite Index gained 0.06 percent.
The commerce department is due to release March new home sales report at 10:00 am EDT. Economists forecast new home sales to be 280,000 for March against 250,000 in the previous month.
On the corporate front, International Game Technology (NYSE:IGT) shares climbed 8.94 percent as its second quarter profit rose more than 10 percent. Net profit rose to $69.6 million or $0.23 per share compared to $0.7 million in the same quarter last year. The company also raised its earnings outlook for fiscal 2011.
Polycom, Inc. (NASDAQ:PLCM) shares jumped 9.34 percent, as its first quarter earnings and revenue exceeded Street view. Adjusted profit was $43 million or 48 cents a share, up from $25 million or 29 cents a share last year. Revenue grew to $344 million from $276 million. Analysts had expected profit of 42 cents a share on revenue of $337.80 million.
Netflix Inc. (NASDAQ:NFLX) shares advanced 0.64 percent to $253.84. The company is expected to report first quarter net income of $1.08 per share on revenue of $703.60 million after the closing bell on Monday.
Advanced Micro Devices, Inc. (NYSE:AMD) shares declined 1.84 percent to $8.55 in early trading session. The company reported first quarter net income of $510 million or $0.68 per share compared to $257 million or $0.35 per share in the same quarter a year-ago.
The euro advanced 0.33 percent to 1.4612 against the dollar and the yen declined 0.06 percent against the greenback.
Crude oil futures gained 0.66 percent to $113.03/barrel and gold futures advanced 0.66 percent.