Market Snapshot September 29, 2009, 5:00PM EST

Stocks Fall as Consumer Confidence Dips

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In economic news Tuesday, the Conference Board's index of U.S. consumer confidence slipped to 53.1 in September from a revised 54.5 in August (from 54.1), disappointing market forecasts for an increase. The index was at 61.4 a year ago.

The outlook on the near term job market showed a decline in those saying jobs were plentiful, and an increase in those saying jobs were hard to get. Regionally, confidence improved in the New England area, along with the Mid and South Atlantic areas, but declined in the Pacific and Mountain regions.

The U.S. S&P/Case-Shiller home price index rose 1.61% to 144.23 in July for the 20-city composite, after rising 1.43% to 141.94 (revised from 141.31 previously) in June. On a year-over-year basis, the index is down 13.3%, but that's a slower pace than the -15.4% from June. The 10-city composite index rose 1.65% to 155.85 after a revised 153.32 reading in June.

The International Council of Shopping Centers (ICSC) and Goldman Sachs chain store sales index rose 0.1% in the week ended Sept. 26 after falling 2% the week before. As for sales on a year-over-year basis, sales continue to remain positive and grew 0.9% after rising 0.6% a week ago.

In company news Tuesday, Sequenom (SQNM) has fired president and CEO Harry Stylli and senior VP of R&D Elizabeth Dragon, effective immediately. The company has also obtained the resignation of CFO Paul Hawran, and one other officer. The actions came after a special committee of independent directors of Sequenom found that the company failed to put in place adequate protocols and controls for the conduct of studies in Trisomy 21 (Down Syndrome) program, and that certain employees failed to provide adequate supervision.

Walgreen posted fourth-quarter earnings per share of $0.44, vs. $0.45 one year earlier (both including items) on a 7.6% sales rise, limited by higher SG&A costs. The company noted that total fourth-quarter same-store sales rose 2.4%, with front-end comparable drugstore sales down 1.4%. The company expects organic sales growth of between 4.5%-5% in fiscal 2010 and between 2.5%-3% annually beginning in fiscal 2011.

The New York Post reports that hedge-fund manager John Paulson is tossing about a plan to save troubled lender CIT (CIT) through a merger with IndyMac Federal Bank, according to people familiar with the situation. Paulson is part of a group that bought the failed IndyMac from the the Federal Deposit Insurance Corp. earlier this year. He also holds debt in CIT Group.