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Corporate earnings to dominate trading
Published on Wednesday, Jan 14, 2009
Associated Press
NEW YORK: Wall Street's growing angst about company earnings gave stocks a mixed finish Tuesday, with the Dow Jones industrials suffering their fifth consecutive loss. The broader market indicators closed modestly higher.
The concern on the Street is that the recession will have a more severe impact on profits than investors have been anticipating. They shied away from placing big bets after aluminum giant Alcoa Inc. reported late Monday
that it lost $1.19 billion during the fourth quarter. An analyst's warning about profits at General Electric Co. only added to the market's uneasiness.
The Dow Jones industrial average fell 25.41, or 0.30 percent, to 8,448.56.
Meanwhile, a mammoth stimulus package being crafted by President-elect Barack Obama could give the economy a much-needed lift, but other steps must be taken to bolster the wobbly financial system and for any recovery to stick, Federal Reserve Chairman Ben Bernanke said.
Bernanke suggested the government inject more money into banks. He also offered options to deal with rotten mortgages and other bad assets held by financial institutions. Bernanke also again called for the government to do more to curb home foreclosures.
The Fed chief's extensive remarks were made in a speech at the London School of Economics.
Questions about corporate earnings — in particular companies' expectations for business this year — are likely to dominate trading in the coming weeks. Computer chip maker Intel Corp. and drug company Genentech Inc. are among the companies reporting results this week.
The market also will get an earlier-than-expected reading on the financial sector when JPMorgan Chase & Co. reports earnings on Thursday — nearly a week ahead of schedule. Investors are fearful of another year of multibillion dollar losses among financial companies, as analysts forecast problems in credit card and commercial real estate portfolios.
Meanwhile, Citigroup Inc. and Morgan Stanley are expected to announce a deal soon to combine their brokerage operations as Citi struggles to raise additional cash.
''We're sort of in a wait-and-see mode,'' said Carl Beck, partner at Harris Financial Group. ''The optimism that we saw at the beginning of the year has sort of been put on hold as people await earnings reports.''
Associated Press
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