Mid-Day Report

The markets traded mixed during the midday as consumer confidence dropped. The Dow tumbled 61 points to 12,186 while Nasdaq rose 9 points to 2302.

On the upside

Strong sales growth boosted fourth quarter earnings for Cognizant Technology Solutions (Nasdaq: CTSH) to beat expectations and the information technology services provider forecast 2008 results above estimates.

Tiffany & Co. (NYSE: TIF) forecast higher 2008 revenue due to strong international sales.

Alliance Data Systems (NYSE: ADS) dropped the lawsuit it filed against The Blackstone Group to force the private equity firm to complete its acquistion of Alliance Data.

On the downside

An analyst downgraded Aruba Networks (Nasdaq: ARUN) after the computer network provider warned that it will fall far short of second quarter expectations.

UTi Worldwide (Nasdaq: UTIW) cut its 2008 earnings guidance and announced a restructuring plan that includes job cuts.

The Food and Drug Administration is reviewing Allergan's (NYSE: AGN) Botox after some cases of death and serious reactions occured in patients.

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up 2 points to 704.

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