Stocks Open Lower on Mixed Economic Data

Investors faced job losses in the financial services sector and better than expected industrial output last month while analysts mulled over the exact start date of the current recession.  The Dow lost 126 points to 8371 while Nasdaq dropped 20 points to 1496.

On the upside

Target (NYSE: TGT) posted lower profits that beat expectations as the retailer adjusted its product mix to reflect consumer demand for more affordable products.  The company announced plans to suspend nearly all of its share buybacks and cut capital spending.

Home improvement chain Lowe's (NYSE: LOW) reported lower 3rd quarter earnings that beat forecasts.  Overall revenues increased while same-store sales fell.

Insurer Genworth Financial (NYSE: GNW) applied to become a savings and loan in order to become eligible for funds under the government's $700 billion bank rescue package.  The company recently acquired a small community bank.

On the downside

United Therapeutics (Nasdaq: UTHR) announced that a late-stage study of its hypertension drug failed to product results.

Citigroup (NYSE: C) announced cuts of up to 20% of its global workforce in order to bring down its costs.   Meanwhile, the company's executives are unlikely to receive a bonus for this year.

A Piper Jaffray analyst lowered his outlook of global handset sales for the year and 2009.  Shares of Apple (Nasdaq: AAPL) and Research in Motion (Nasdaq: RIMM) fell.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 2 points to 454.