The markets opened mixed as weak corporate earnings and dampened consumer confidence weighed on blue chips. The Dow lost 21 points to 12,225 while Nasdaq rose 14 points to 2307.
On the upside
Coin machine operator Coinstar (Nasdaq: CSTR) posted a 4th quarter loss mostly due to equipment charges. However, the results exceed expectations.
Activision (Nasdaq: ATVI) posted a 3rd quarter profit and soaring sales due to the strength of its "Call of Duty" and "Guitar Hero" video game sales.
Security software maker McAfee (NYSE: MFE) posted a 4th quarter profits that beat estimates.
On the downside
Auto parts supplier BorgWarner (NYSE: BWA) posted sharply higher 4th quarter profits due to strong international sales and favorable currency exchange rates. However, domestic sales remained sluggish.
Weyerhaeuser (NYSE: WY) posted a 4th quarter loss due to a decline in demand for lumber from the housing industry. The company lowered its guidance for the rest of the year.
TransDigm Group (NYSE: TDG) posted higher earnings and revenues while reaffirming its outlook for 2008. However, investors took profits as shares of the aircraft component maker fell.
In the broad market, advancing issues were break even with decliners on the NYSE, but were ahead by a margin of 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up 2 points to 704.
