Consumer Confidence Drops More Than Expected

February 23, 2010 at 12:30 PM EST

A much sharper than expected drop in consumer confidence weighed down the markets during the midday with the Dow tumbling 84 points to 10,299 as consumer confidence tumbled in February. Nasdaq plunged 30 points to 2211.

On the upside

Fourth quarter earnings for Cimatron (Nasdaq: CIMT) nearly doubled as gross margin improved.

The Wall Street Journal reported that private equity firm Apollo Management may purchase a stake in Zale (NYSE: ZLC).

Wilmington Trust (NYSE: WL) will offer $250 million shares of stock.

On the downside

Great Lakes Dredge & Dock (Nasdaq: GLDD) reported lower fourth quarter earnings and revenue.

Although fourth quarter earnings for Mercadolibre (Nasdaq: MELI) rose, revenue fell short of expectations.

CommScope (NYSE: CTV) disappointed with fourth quarter revenue that missed estimates and forecast first quarter revenue below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 624.