Stocks Sink As Consumer Confidence Tumbles

Despite retreating crude oil prices, the markets closed lower with the Dow dropping 82 points to 8447 as consumer confidence posted an unexpected drop. Nasdaq lost 9 points to 1835.

On the upside

Trina Solar's (NYSE: TSL) major solar module glass supplier Beijing Hua Mei Dazheng Technology will build a production facility next to Trina's manufacturing complex in the Changzhou Trina Photovoltaic Industrial Park.

BMO Capital Markets analyst Tim Long initiated coverage of Research in Motion (Nasdaq: RIMM) with an Outperform rating.

CapitalOne upgraded Callon Petroleum (NYSE: CPE).

On the downside

Alliance One International (NYSE: AOI) priced its offering of senior convertible notes.

BMO Capital Markets analyst Tim Long initiated coverage of Nokia (NYSE: NOK) with an Underperform rating.

Pfizer (NYSE: PFE) agreed to changes in its bid to acquire Wyeth in order to gain regulatory approval in Europe.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 508.

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