Lower Open As Consumer Sentiment Drops

A sharper than expected drop in September consumer sentiment weighed the markets down to a lower open with the Dow tumbling 99 points to 15,228. Nasdaq fell 16 points to 3771.

On the upside

Nike (NYSE: NKE) reported higher first quarter earnings and revenue that surpassed analyst expectations.

Second quarter earnings and revenue climbed for Finish Line (Nasdaq: FINL) to beat analyst estimates.

Deutsche Bank upgraded Trina Solar (NYSE: TSL) and Yingli Green Energy (NYSE: YGE) from Hold ratings to Buy ratings.

On the downside

J.C. Penney (NYSE: JCP) will offer 84 million common shares at the discounted price of $9.65 per share.

Zoltek (Nasdaq: ZOLT) will be acquired by Toray Industries for $16.75 per share.

Rite Aid (NYSE: RAD) will exchange convertible preferred stock for common shares.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by 5 to 2 on Nasdaq. The broader S&P 500 dropped 10 points to 1688.

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