Consumer Confidence Tumbles, Markets Open Lower

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.

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