U.S. stocks down before the new earnings season

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Source: Dukascopy Bank SA
U.S. shares dropped on Tuesday, as investors were still waiting for the new earnings season to begin, dragging down the S&P 500 index for a second day. The S&P 500 slumped 0.3% to 1,457.15. All sectors in the index edged lower, with telecommunications posting biggest losses in the industry, down 2.69%. Game stop Corp. shares lost 6.3% on lower sales forecast for the world's biggest video-games retailer. Furthermore, Boeing Co. erased 2.6% to $74.13 after BB&T Capital Markets' analyst Carter Leake cut the stock rating from buy to hold. Among other worst performers were WPX Energy, Penney J.C and Electronics Arts, as their stocks slid 4.91%, 4.86% and 4.71%. Meanwhile, Calgene Corp. soared 6.6%, as Piper Jeffrey upgraded the company to overweight from neutral and increased the price target to $111.00 from $86.00 on speculation Calgene Corporation forecasts it sales to double by year 2017. The latter erased losses in health care group that stayed unchanged from Monday. Coach Inc, leather goods producer, gained 3.1% to $57.33.
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Wed, 09 Jan 2013 14:40:07 GMT

Dow Jones inches lower, as investors wait for the new earnings season

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Wed, 09 Jan 2013 17:26:07 GMT

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