NEW YORK ( TheStreet) -- Economic growth depends upon consumer spending and success from small businesses. Today I profile nine stocks that have recently been taken to the woodshed following negative company-specific news.
It appears that ladies have cut their spending on luxury leather goods while fewer men are adding to their business wardrobes, and that pet owners have their dogs and cats on diets.
Spending on information technology seems to have slowed both on home IT networks and at small businesses.
Yesterday, we learned that advanced Q4 GDP came in with a slight contraction of 0.1% when a modest 1.3% expansion was expected. Attributing to the weaker than expected report were; cuts in government spending, slower exports and sluggish growth in inventories.On Tuesday, we learned that The Conference Board's Consumer Confidence Index surprisingly slumped to 58.6 in January down from 66.7 in December to the lowest reading since November 2011. The chart, below courtesy of