Stocks are set to fall for the third straight day as weak earnings wear on investor sentiment.
Dow (INDEXDJX:.DJI) futures slipped 0.16% to 13,465.00, S&P 500 (INDEXSP:.INX) futures dropped 0.22% to 1,488.30. Nasdaq (INDEXNASDAQ:.IXIC) fell 0.23% to 2,726.50.
Yahoo (NASDAQ:YHOO) shares rose after the company reported better-than-expected earnings. The Web portal earned $0.35 per share on revenue of $1.09 billion. Cost cuts and better search ad costs helped Yahoo beat analyst expectations of just $0.26 per share on $1.08 billion. CEO Marissa Mayer plans to invest heavily in talent acquisition, especially for engineers that can build mobile apps and ad technology. Mayer said that half of Yahoo's workforce will eventually be in mobile.
Apple (NASDAQ:AAPL) will hold an event today where it will likely reveal a smaller, more portable version of the iPad. The only real mystery is pricing. The new tablet is expected to cost between $250 and $350.
United Parcel Service (NYSE:UPS) earnings came in line with expectations at $1.06 per share. Revenue of $13.07 billion was flat from last year and missed estimates by $60 million. Volume was up 2.9% from the year earlier despite the sluggish global economy.
Texas Instruments (NASDAQ:TXN) shares fell 1.6% after reporting a 30% rise in earnings and cutting outlook for the current quarter. DuPont (NYSE:DD) missed earnings expectations and announced that it will be sacking 1,500 employees.
Netflix (NASDAQ:NFLX) and Facebook (NASDAQ:FB) will report earnings after the closing bell.
(NYSE:WHR), a housing market bellwether, beat EPS expectations by a quarter with $1.80 on $4.5 billion in revenue. Analysts expected another $70 million in sales. North American sales were up 2% from last year, though Asian and Latin American sales fell.
Zillow (NASDAQ:Z) said that US home values had their biggest gain since before the bubble burst in the third quarter. Median home values rose 1.3% to $153,800 from $151,800 in the June quarter, the biggest rise since the first quarter of 2006. The recovery is of course not even across geographic regions.
European stocks fell this morning. Spain's GDP contracted by less than previously thought in the September quarter. Spain's economy shrank 0.4%. Economists expected a decline of 0.7%.
Moody's slashed the credit ratings of five Spanish regions today because of "the deterioration of their liquidity positions" which will worsen as some face significant redemptions in the fourth quarter. Spain's 10-year bond yields rose two basis points to 5.52%, but the country was able to exceed its funding target in a bond auction today.
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