Wall Street took a dip but recovered some losses this morning as several major stocks announced earnings that failed to meet analyst and investor expectations. Pfizer (NYSE: PFE) and Clorox (NYSE: CLX) shares tumbled as the drugmaker's revenue came in lower than forecasted and the consumer goods giant missed profit expectations. However, positive results from Alcoa (NYSE: AA), Mastercard (NYSE: M) and GM (NYSE: GM) helped to offset early losses in the market. GM shares surpassed the company's IPO price of $33 per share for the first time since the automaker returned from bankruptcy. In other news, the U.S. dollar gained a little strength while commodities were dragged down by sliding silver and gold prices. Oil is now trading at $112 per barrel. Energy investors are still gauging how the death of al Qaeda leader Osama bin Laden will affect the market, if it does at all.
Major U.S. Stock Indices
DJIA: 12,820.76 (+0.10 percent)
S&P 500: 1,357.44 (-0.28 percent)
NASDAQ: 2,840.56 (-0.82 percent)
Russell 2000: 845.71 (-1.06 percent)
In other news:
- Higher oil prices isn't a supply and demand issue. It's a Wall Street and price speculation one. [Fortune]
- Corporations and the nation's wealthiest earners have their cake and get to eat it too. High tax rates allow them to complain, while loopholes let them keep their money. [NY Times]
- All eyes remain on Warren Buffett, David Sokol and the entire Berkshire Hathaway (NYSE: BRK.A) and Lubrizol (NYSE: LZ) mess. [Dealbook]
- Which companies have the most cash? [CNBC]
- Deustche Bank gets sued by the U.S. for making bad mortgages. The U.S. government is seeking triple the damages and penalties, and then some. [WSJ]
Check back for more news.
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