Consumer confidence in August plunged to its lowest level in more than two years to weigh the markets down to a lower open with the Dow tumbling 73
points to 11,466. Nasdaq fell 12
A Seeking Alpha contributor wrote that Eastman Kodak (NYSE: EK) was undervalued with strong revenue growth in its consumer inkjet and packaging solutions units.
Ticonderoga upgraded PulteGroup (NYSE: PHM) to a Buy rating.
On the downside
Investors locked in profits on National Bank of Greece (NYSE: NBG), whose shares surged yesterday after the merger of two Greek banks sparked speculation of further banking consolidations.
Profit takers weighed down shares of Central European Distribution (Nasdaq: CEDC), whose shares climbed yesterday on news that investor Mark Kaufman acquired a 9.6% stake in the vodka maker.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 718.