Stocks mostly lower as earnings hit consumer companies
NEW YORK (AP) -- U.S. stocks are mostly lower Tuesday morning as company earnings continue to stream in. Consumer companies are falling as athletic apparel maker Under Armour and appliance maker Whirlpool suffer hefty losses. However strong results for household goods maker Procter & Gamble send its stock higher.
KEEPING SCORE: The Dow Jones industrial average picked up 13 points, or 0.1 percent, to 18,236 as of 10:15 a.m. Eastern time. The Standard & Poor's 500 index lost 1 point, or 0.1 percent, to 2,150. The Nasdaq composite fell 4 points, or 0.1 percent, to 5,305.
BAD FIT: Under Armour reported strong third-quarter results, but the company said it expects slower sales growth. Its stock tumbled $5.04, or 13.3 percent, to $32.87 Under Armour traded above $50 a share a little more than a year ago.
PAINT IT BLACK: Paint and coatings maker Sherwin-Williams posted a profit that was smaller than expected. The company cut its annual guidance because of slower sales growth combined with spending on new stores. Its stock lost $27.08, or 9.7 percent, to $250.80.
FOCUS: Procter & Gamble, the company that makes Tide detergent and Charmin toilet paper, reported better results than investors expected. The consumer products giant has been selling some businesses to cut costs, and it posted stronger sales of personal care products like toothbrushes and deodorants. Its stock rose $3.63, or 4.3 percent, to $87.73. Procter & Gamble is a Dow component and pulled that index higher.
ALL WET: Appliance maker Whirlpool's results fell far short of analyst projections. The maker of Maytag and KitchenAid products gave up $16.63, or 9.8 percent, to $153.83.
A GUSHER: Oil and gas drilling services company Baker Hughes disclosed a smaller loss than investors expected. Investors were also pleased that Baker Hughes is preparing to cut more costs. The company said it plans to eliminate $650 million in spending this year, up from the $500 million it had planned to cut. It climbed $3.81, or 7.3 percent, to $55.96.
SLOWING TO A TRICKLE: Waters Corp., which makes products used in drug development, announced weak revenue as demand from governments, research institutions and industries fell. The stock slid $14.22, or 9 percent, to $143.53.
AIMING HIGH: Aerospace and defense company Lockheed Martin surpassed investor forecasts and raised its projections for the year. Its stock gained $11.24, or 4.8 percent, to $243.40.
OIL: Benchmark U.S. crude lost 10 cents to $50.42 per barrel in New York. Brent crude, the international standard, fell 16 cents to $51.30 a barrel in London. However energy companies traded higher thanks to Baker Hughes and to oil refiner Valero, which reported strong results and jumped $2.57, or 4.6 percent, to $58.73.
BONDS: Bond prices edged higher. The yield on the 10-year Treasury note fell to 1.76 percent from 1.77 percent.
CURRENCIES: The dollar climbed to 104.74 yen from 104.24 yen. The euro fell to $1.0858 from $1.0879.
ASIA'S DAY: In Britain the FTSE 100 jumped 1 percent while France's CAC 40 gained 0.1 percent. The DAX in Germany rose 0.3 percent. Japan's Nikkei 225 rose 0.8 percent and South Korea's Kospi fell 0.5 percent.