Consumer Confidence Tumbles, Markets Open Lower
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.