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Stocks Open Lower as Consumer Spending Falls
Friday October 30, 2009 - 10:00 AM EDT
Investors took profits from yesterday's rally as consumer spending in September plunged due to the end of government subsidies for automobile purchases. The Dow lost 40 points to 9922 while Nasdaq shed 7 points to 2089.
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Investors took profits from yesterday's rally as consumer spending in September plunged due to the end of government subsidies for automobile purchases. The Dow lost 40 points to 9922 while Nasdaq shed 7 points to 2089.
On the upside Las Vegas Sands (NYSE: LVS) received approval to list the company's Macau casino business on the Hong Kong stock exchange. An initial public offering may raise as much as $2 billion. Insurer Genworth (NYSE: GNW) reported a slim 3rd quarter profit which beat expectations. Audio equipment maker Harman International Industries (NYSE: HAR) posted lower revenues and a smaller quarterly loss that beat expectations. On the downside CIT (NYSE: CIT) was tallying votes following a midnight Thursday deadline as the commercial lender worked toward a likely pre-packaged bankruptcy filing. Alcatel-Lucent SA (NYSE: ALU) posted a quarterly loss and announced a shrinking outlook for telecommunications equipment demand. Barnes Group (NYSE: B) reported lower profits amid weakness in demand for aerospace and industrial components. In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 8 points to 572.
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