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Most U.S. stocks retreated, dragging the Standard & Poor’s 500 Index lower for the week, as earnings from companies including General Electric (GE)Co. to Intel Corp. disappointed investors.
Stock
Market
General
Electric lost 2.3 percent as margins at its manufacturing units fell short of
projections. Intel dropped 2.6 percent as its revenue forecast raised concern
the personal-computer market is struggling to grow. United Parcel Service Inc.
slid 0.6 percent as it projected earnings below analysts’ estimates. American
Express Co. climbed 3.6 percent after reporting fourth-quarter profit doubled.
The
S&P 500 (SPX) fell 0.4 percent to 1,838.70 at 4 p.m. in New York. The Dow
Jones Industrial Average rose 41.55 points, or 0.3 percent, to 16,458.56 as
American Express and Visa Inc. surged. Markets will close on Jan. 20 for the
Martin Luther King Jr. Day holiday.
“Investors
are taking cues from earnings releases,” Jim Russell, who helps oversee $113
billion as a senior equity strategist for U.S. Bank Wealth Management, said by
phone. “Just as important as fourth-quarter earnings are, many investors are
watching for company guidance for signs on what early 2014 will bring. This
year, we’ll see a tearing between winners and losers and we’ve seen that in
this earnings season so far.”
U.S.
stocks fell yesterday, dragging the S&P 500 from a record, as Best Buy Co.
tumbled after holiday sales declined and earnings at companies from Citigroup
Inc. to CSX Corp. disappointed investors. The benchmark gauge is down 0.5
percent this year after jumping 30 percent in 2013 for the biggest annual gain
since 1997. For more and regular updates just follow us on Facebook fan page
and make your trading risk free with the help of Automated Stock Trading Software
GE
Margins
General
Electric slipped 2.3 percent to $26.58. The company reported operating earnings
per share in line with analyst estimates. Profit margins at the manufacturing
divisions expanded 60 basis points, according to a presentation posted on GE’s
website. That fell short of guidance for 70 basis points of growth that Chief
Executive Officer Jeffrey Immelt first laid out in December 2012 and affirmed
as recently as last month.
Intel
erased 2.6 percent to $25.85. The world’s largest maker of computer chips
forecast first-quarter revenue that may fall short of some analysts’ estimates
as corporate demand fails to reignite personal-computer sales. Consumer
notebook demand is declining in Asia, Chief Executive Officer Brian Krzanich
said.
UPS
(UPS) dropped 0.6 percent to $99.91 after the shipping company projected
fourth-quarter earnings that trailed analysts’ estimates. A surge of packages
from online shopping just before Christmas forced the company to hire more
temporary workers than planned and miss holiday deliveries.
SLM
Corp. lost 9.8 percent, the most in the S&P 500, to $24.47. The student
lender known as Sallie Mae reported a fourth-quarter profit decline of 22
percent. For full detailed information you can visit www.bloomberg.com/
