Stocks Slide on Weak Consumer Confidence
The major indexes were mixed, but decidedly weak today, with both the Dow and
the Nasdaq Composite moderately lower. Despite the down day, the major indices
were able to log gains on the week, considering the rallies earlier this week.
Consumer confidence numbers out today helped to finalize a somewhat sour mood.
Best Buy
(
BBY |
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PowerRating) fell 4% after the company lowered its 2008
forecasts, citing slow January sales (full
story).
Campbell Soup
(
CPB |
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PowerRating) rallied more than 5% after forecasting 2008
profit which was much higher than previous estimates (full
story).
Kraft Foods
(
KFT |
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PowerRating) rallied 5.5% after famous investor Warren Buffet
become the company’s largest shareholder (full
story).
Priceline.com
(
PCLN |
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PowerRating) rallied 16% after trouncing analyst
estimates for Q4 profits (full
story).
Crude oil fell about 0.5% after a U.S. report showed that consumer confidence
has hit decade-old lows.
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