Stocks Open Lower on Consumer Spending Worries

October 28, 2009 6:50 AM |
Lack of consumer confidence may weigh down on consumer spending this holiday season.  Meanwhile, durable goods orders rose 1% in September to meet economists' expectations.   The Dow lost 25 points to 9857 while Nasdaq fell 15 points to 2100.

On the upside

Motorola (NYSE: MOT) partnered with Verizon Wireless, a unit of Verizon Communications (NYSE: VZ) to launch the Droid smartphone on November 6.

Peet's Coffee & Tea (Nasdaq: PEET) posted higher revenues and profits while raising its guidance for the 4th quarter.

Shares of NutriSystem (Nasdaq: NTRI) rose after the weight loss program company delivered on quarterly results and announced a dividend.

On the downside

The nation's 3rd largest oil company ConocoPhilips (NYSE:COP) posted lower revenues and profits while cutting back on natural gas production.

Shares of K-Sea Transportation Partners (NYSE: KSP) tumbled after the company disclosed that it may fall out of compliance with debt and lease agreements.

ValueClick (Nasdaq: VCLK) reported lower revenues and higher profits, but the online advertising company also offered a weak outlook.

In the broad market, declining issues outpaced advancers by a margin of 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 580.

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