Market Update - IBM (NYSE: IBM), Wal-Mart (NYSE: WMT), Sybase (NYSE: SY), Regeneron (NASDAQ: REGN)

Just a one week after the deadline for the homebuyer tax credit expired, mortgage applications fell 9.5% even as mortgage interest rates dropped 9.5%, according to Dana Olick, a real estate reporter on CNBC. She quoted a report from Trulia.com that indicated that as of May 1, 10% of the listings in the market saw price cuts by at least once, marking a sharp rise from the April month figure. There has been a broad-based rally in the US stocks today, with tech companies, particularly IBM IBM leading the way up. The number of gainers outnumbered losers on the NYSE by more than 4 to 1. All the three indices, the Dow, S&P and Nasdaq, have recouped their entire losses from the past week. Wal-Mart WMT, in its effort to settle a class-action lawsuit, has agreed to pay as much as $86 million. WMT was accused of failing to disburse vacation, overtime and other wages to thousands of its former workers in California. Shares of Sybase SY surged over 40% on rumors of the software developer going through the merger talks with SAP. According to a report on Reuters, Regeneron REGN is planning to release the data from its seven late-stage trials associated with its experimental drugs for colon cancer, gout and a leading cause of blindness. Positive data from any one of these trials will propel this little-known biotech into the big leagues. That's for all today. Read more from Benzinga's Markets.