Consumer Confidence Tumbles, Markets Open Lower

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The markets opened lower with the Dow falling 65 points to 10,318 as consumer confidence tumbled in February. Nasdaq dropped 26 points to 2215.

 

On the upside

Home Depot (NYSE: HD) reversed year ago losses to post a fourth quarter profit, increased its quarterly dividend for the first time in four years and forecast 2010 earnings ahead of estimates.

Radian Group (NYSE: RDN) narrowed fourth quarter losses more than expected and said that mortgage delinquencies should stabilize this year.

Office Depot (NYSE: ODP) reported a narrower than expected loss for the fourth quarter as revenue topped estimates.

On the downside

While Brocade Communications Systems (Nasdaq: BRCD) swung to a first quarter profit, revenue fell short of estimates and the company forecast disappointing revenue growth for the year prompting downgrades.

Bank of America Merrill Lynch downgraded Palm (Nasdaq: PALM) and halved its price target on the company.

RadioShack (NYSE: RSH) reported higher fourth quarter earnings but accessory sales were weak. 

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 626.

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This page contains a single entry by published on February 23, 2010 6:43 AM.

Gasoline Expected To Climb Over $3, Markets Slip was the previous entry in this blog.

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