The Markets Now: Stocks Fell From Recent Highs After Poor Factory Orders Report
The Dow, Nasdaq, and S&P 500 all fell today.
After factory orders rose less than expected, stocks fell from recent highs. US factory orders went up 1.8% in December after falling 0.3% in November, the Commerce Department reported. Demand for capital goods, however, fell 0.3% in comparison to 3.3% in November.
In international news, U.K. Treasury Chief George Osbourne announced additions to the banking reform bill that would separate large banks guilty of ring-fencing.
The Dow (INDEXDJX:.DJI) fell 120 points to 13889.09, down 0.86%, and the Nasdaq (INDEXNASDAQ:.IXIC) fell 20 points to 3157.38. The S&P 500 (INDEXSP:.INX) fell 0.74% to 1501.91.
Health insurer Humana's (NYSE:HUM) fourth-quarter earnings fell 3.5% and revenue increased 5.5% to $9.56 billion. Humana cites the increasing number of Medicare members for causing the insurer's costs to grow higher. Its stock rose 4.45% to $78.65.
Gilead Sciences (NASDAQ:GILD) is expected to post fourth-quarter earnings per share of $0.48 for the quarter and $1.74 for the fiscal year. Shares rose 0.85% to $40.19.
Simon Property Group (NYSE:SPG) reported a 21.9% increase in earnings for the fourth quarter, surpassing analyst estimates. The retail outlet owner also raised its dividend Monday. The stock edged up 0.17% to $162.25.
Yum Brands (NYSE:YUM) is expected to post fourth-quarter earnings per share of $0.82 compared with $0.75 a year ago. Analysts expect a full year forecast of $3.24. Shares declined 1.21% to $61.12.
Royal Caribbean Cruises (NYSE:RCL) posted a fourth-quarter net loss of $392 million and revenue of $1.81 million compared with $1.78 billion a year earlier. Royal Caribbean expects revenue from passenger tickets to increase between 2% and 4% in 2013, due to high demand in the US. Shares fell 0.02% to $35.67.
USA Today publisher Gannett's (NYSE:GCI) shares declined 5.70% to $18.71 after fourth-quarter profit declined 14% to $0.44 per share, down from $0.49 per share last year. Gannett's print advertising revenue was down, but overall publishing revenue was up 17% and local circulation revenue increased 24%.
Zoetis, (NYSE:ZTS) an animal health business, went public Friday and closed the stock up 20% from the offering price. Shares rose 1.10% to $31.35.
Cowen & Co. analyst John Kernan downgraded Men's Wearhouse (NYSE:MW) from “Outperform” to “Neutral” partly because men's sportswear sales were low. Shares edged up 0.51% to $29.34.
Ralph Lauren (NYSE:RL) will post fiscal third-quarter earnings on Wednesday. Analysts predict net income of $2.20 per share compared to $1.78 per share last year. Its stock moved up 0.96% to $163.10.
Tyson Foods (NYSE:TSN) reported a 10.9% rise in net income. Tyson beat net income expectations at $0.48 per share compared to analyst estimates of $0.42 per share. Shares declined 0.13% to $22.77.
Crude oil futures declined 1.12 to 96.65 and gold futures inched up 1.5 to 1672.1.