Consumer Sentiment Drops, Markets Tumble

October 30, 2009 10:42 AM |
A drop in consumer sentiment sent the markets tumbling during the midday with the Dow skidding 251 points to 9710. Nasdaq plunged 52 points to 2044.

On the upside

Fourth quarter earnings for Conexant Systems (Nasdaq: CNXT) leaped despite lower revenue as the company cut expenses and sold a business.

Bare Escentuals (Nasdaq: BARE) reported third quarter earnings that topped estimates.

First quarter earnings for Estee Lauder (NYSE: EL) more than doubled after the successful launch an anti-aging skin care line.

On the downside

Although Novatel (Nasdaq: NVTL) reported third quarter earnings that surpassed expectations by a wide margin, the company forecast disappointing fourth quarter results.

Tessera Technologies (Nasdaq: TSRA) reversed year ago losses but forecast fourth quarter revenue below expectations.

Although Mohawk Industries (NYSE: MHK) swung to a third quarter profit, the company warned of continued market weakness.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 17 points to 562.

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This page contains a single entry by published on October 30, 2009 10:42 AM.

Stocks Open Lower as Consumer Spending Falls was the previous entry in this blog.

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