Consumer Confidence: No Clarity Here
(Consumer confidence article updated with stock movement.)
NEW YORK (
) -- 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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