Business

For the first time since April 2014, New Home Sales have fallen YoY for 2 consecutive months. The 6.1% drop YoY in February is the biggest annual drop since June 2014 and confirms recent housing data weakness. Average new home prices fell to $348,900 - the lowest since August.

The housing "recovery"... Only The West saw an increase in sales (151k from 109k) as Northeast (-24%), Midwest (-17.9%) and South (-4.1%) all tumbled.

But annual growth is tumbling...

US equities are stumbling this morning, giving their bullish terrorism gains, as oil slides and voting FOMC member Jim Bullard appears to raise the spectre of mutiny in the Eccles Building. Speaking on Bloomberg TV, he suggested he wanted to withdraw from the dot-plot forcecasts adding that he believes Fed policy is merely "in reasonably good shape." Finally, following Lockhart and Evans, Bullard also warned that April was "live,' as it appears The Fed wants to talk back some exuberance in the market.

Headlines:

The sun is about to set on SunEdison.

Once upon a time SunEdison was one of the most popular hedge fund hotel stocks, which however, just like Valeant, has led all of the hedge funds who were long the name (and still are) to ruin.

Case in point: yesterday the stock plunged another 25% following a DebtWire report that the company was in DIP loan negotiations with lenders, the final step before filing for bankruptcy, after talks to reach an out of court solution with 2nd lien lenders had failed.

It appears The IEA has come to the same reasoning as we have been pointing out for weeks - "freezing" production at what is already the highest output levels ever is "meaninglesss." As Reuters reports, Saudi Arabia is the only country with the ability to increase output, a senior executive from the International Energy Agency (IEA) said on Wednesday. This reality check appears to have stalled crude's exuberant run as WTI pushed below overnight API "build" lows.

When last we checked in on Credit Suisse, things weren’t going so well.

The bank had just reported a $6 billion loss - in the fourth quarter. The red ink for 2015 totaled some $3 billion, representing the firm’s first annual loss since the financial crisis. Shares promptly plunged 13% to their lowest level in nearly a quarter century.