Stocks slip at open amid mixed earnings
NEW YORK — Stocks are slightly lower in early trading Monday amid a handful of mixed earnings reports.
RadioShack Corp., like many other companies, said its second-quarter earnings rose as it cut costs. The electronics retailer beat analysts’ forecasts.
But there were gloomier results from Aetna Inc. and Honeywell International Inc.
Aetna said its profit skidded 28 percent on higher medical expenses in its commercial business. The health insurer cut its profit forecast for the second time in two months.
Honeywell said its second quarter earnings dropped 38 percent as the company’s businesses in troubled sectors like automobiles and construction continued to drag down its results. The manufacturer said it doesn’t expect any recovery this year from the recession.
Verizon, the nation’s largest wireless carrier, said its second-quarter profit fell 21 percent as cost-cutting in its wireline business failed to keep pace with falling revenues. But its adjusted earnings narrowly beat Wall Street expectations.
Over the past two weeks, major indexes have jumped more than 11 percent after companies issued better-than-expected earnings reports and forecasts for the rest of the year. But analysts have warned that as companies continue to exceed forecasts, investors’ expectations will rise.
“Last week was dubbed as a good earnings week, but good compared to what?” asked David Hefty, CEO of Cornerstone Wealth Management in Auburn, Ind. “It doesn’t take a lot to get the market excited these days.”
Investors are also awaiting the Commerce Department’s report on new home sales in June.
In the first half hour of trading, the Dow Jones industrial average is down 22.14, or 0.2 percent, to 9,071.10. The Standard & Poor’s 500 index is down 2.46, or 0.3 percent, to 976.80, while the Nasdaq composite index is down 7.42, or 0.4 percent, to 1,958.54.
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