Markets Open Lower on Disappointing Retail Sales

Major retailers reported disappointing sales as consumers remained unwilling to spend.  The Dow continued to sell off this morning dropping nearly 150 points to 8545.  Nasdaq lost 26 points to 1554. 

On the upside

Shares of General Motors (NYSE: GM) and Ford (NYSE: F) edged higher on hopes that Washington is supportive of a bailout of the auto industry.

Argentina-based online auctioneer MercadoLibre (Nasdaq: MELI) posted higher 3rd quarter revenues and earnings that doubled from year-ago levels.

Concur Technologies (Nasdaq: CNCR) reported higher revenues and profits.  The corporate expense-management software maker also boosted its outlook for 2009.

On the downside

After transforming into a bank on Monday, American Express (NYSE: AXP) is requesting about $3.5 billion from the government to shore up its balance sheet.

Shares of nutritional-supplement maker and retailer NBTY (NYSE: NTY) tumbled after the company posted lower 4th quarter earnings due to higher costs.

Electronics retailer Best Buy (NYSE: BBY) lowered its 2009 outlook due to reduced consumer spending in the U.S. and a stronger dollar that diluted the performance of its international segment.

In the broad market, declining issues outpaced advancers by a margin nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 6 points to 475.