Bob Pisani is off; this post was written by CNBC producer Robert Hum.
The Dow dropped about 40 points or so after a disappointing September consumer confidence number. The Conference Board reported that consumer confidence fell to 48.5 from a slightly lowered revision of 53.2 last month. This month’s reading was far below estimates of 52.5 and showed confidence was at its lowest levels since February.
This morning’s poor data point echoed sentiments out of IATA earlier today on the absence of strong consumer confidence in the marketplace that would help fuel strong travel demand (link to earlier post).
Another Strong Chinese IPO Showing
Chinese fast-food firm Country Style Cooking is seeing a nice pop in its IPO at the NYSE this morning. The company, which priced 5 million shares at $16.50 (already above a raised expected price range of $14-$16), saw shares open at $25 on its first day of trading (up 52 percent!).
It’s the first of 3 Chinese IPOs scheduled to trade this week — Internet content firm China Cache and wind power company China Ming Yang Wind Power are coming later this week. (Read more — Cramer: The Four Best IPOs This Week)
Today’s strong pricing also follows a strong debut from Chinese real estate website SouFun Holdings, which soared 73 percent on its first day of trading 11 days ago.
Also coming soon this week — the big, highly-anticipated IPO from property & casualty insurance firm Liberty Mutual Agency, which could price 64.3 million shares between $18-$20 tomorrow night.
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Country Style Cooking
China Ming Yang Wind Power
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