US equities finished the session in negative territory receding from the highest close since December 2007 on Friday. Investors are cautious ahead of the upcoming US earnings season that begins with Alcoa who report after market tomorrow, earnings are expected to be only slightly better than the Q3’s lacklustre results and analysts' current estimates are down sharply from what they were in October. In terms of sectors 8/10 finished in the red with the laggard being Utilities which was down 1.1%, partially thanks to The Southern Co. who saw losses of almost 2% after reports that the conversion at their Plant Mitchell unit in Albany from coal to biomass cannot be completed before 2017. Also showing significant losses were Disney, shares fell 2.4% after the news that the Co. had started an internal cost-cutting review several weeks ago that may include layoffs at its studio and other units. Finally, the DJIA finished down 0.38% at 13383.98, the S&P 500 finished down 0.32% at 1461.79 and the NASDAQ 100 finished down 0.01% at 2724.22.
07 Jan 2013 - 21:01 - - Source: RANsquawk
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