"We've seen many companies beating earnings estimates. Yet investors are keeping an eye on their ability to grow revenue"
- Peter Jankovskis, co-chief investment officer for Oakbrook Investments
U.S. stocks traded mostly lower on Monday, as investors watched highly anticipated corporate results. Caterpillar Inc. (CAT), the world's largest maker of construction and mining equipment, downgraded its sales growth forecast for 2013, as the global economy decelerates.
The Standard & Poor's 500 erased 0.24 per cent to 1,457.34. The Dow Jones Industrial Average edged lower 0.06 per cent to 13,548.94. The Nasdaq Composite advanced 0.10 per cent to 3,104.12.
"It really comes down to earnings at this point," said Peter Jankovskis, co-chief investment officer for Oakbrook Investments in Lisle, Illinois. "We've seen many companies beating earnings estimates. Yet investors are keeping an eye on their ability to grow revenue."
"They did pre-announce that they would have to lower guidance, so I don't think it's a surprise to the markets," said Fitzpatrick of Caterpillar's reduced 2012 forecast.
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