Consumer Confidence: No Clarity Here

Consumer confidence falls in April, according to Reuters/University of Michigan, contradicting another reading for the month.
By Jeanine Poggi ,

(Consumer confidence article updated with stock movement.)

NEW YORK (

TheStreet

) -- Consumer confidence dropped off in April, but still beat estimates according to a report by Reuters and the University of Michigan.

Consumer sentiment fell to a reading of 72.2 in April from 73.6 in March. Economists expected confidence to fall to 71 for the month.

This latest reading stands in stark contrast to a Conference Board survey that said consumer confidence reached its highest level in April since September 2008.

Shares of retailers are in the red following the report, with the S&P Retail Index falling 1.7% to 477.97.

Blockbuster

(BBI) - Get Report

is dropping 5.8% to 38 cents after rival

Coinstar

(CSTR) - Get Report

reported first-quarter earnings that blew past estimates. Coinstar, which makes Redbox DVD kiosks, is surging 18.2% to $45.17 on its results.

The department store sector is also being bruised, with

Macy's

(M) - Get Report

sinking 5.3% to $23.37,

J.C. Penney

(JCP) - Get Report

declining 5.6% to $29.36,

Saks

(SKS)

losing 3.4% to $9.89,

Nordstrom

(JWN) - Get Report

off 2.9% to $41.69 and

Kohl's

(KSS) - Get Report

falling 2.1% to $55.37.

-- Reported by Jeanine Poggi in New York.

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