Investors Turn to Q4 Earnings as US Stocks Retreat (AMZN, BAC)
After last week's major gains, stocks on Monday ended lower as investors shifted attention to fourth-quarter earnings expectations. Bank of America (BAC) announced its settlement of $10 billion with Fannie Mae over mortgage claims. Separately, a group of ten lenders including JPMorgan Chase (JPM) and Citibank (C) reached a $8.5 billion settlement over their case involving past foreclosure abuses. The energy and utilities sectors were also hit on Monday.Shares of Yahoo! (YHOO) and Apple (AAPL) slipped, while Amazon (AMZN) stock jumped to a new high after getting a ratings upgrade from Morgan Stanley (MS). Netflix (NFLX) gained as well after announcing it's deal with Time Warner's (TWX) Warner Bros Television. The US dollar fell against the euro as analysts await the Fed's plan of action with bonds and the debt ceiling.
Word on the Street
- Ten big banks to pay $8.5 billion to settle the 2010 foreclosure case.
- Amazon (AMZN) shares reach their highest level ever after an update from Morgan Stanley (MS).
- Euro declines as US indices retreat from five-year highs.
- Netflix (NFLX) up on Monday after announcing Warner Bros. deal.
- HTC's fourth quarter net profit falls 91% from one year ago.
- Treasury prices drop ahead of this week's government debt auctions.
- Krugman joins others who call for a $1 trillion platinum coin to get around the debt ceiling.
- Gap's (GPS) 70% Rally Could Continue into 2013.
Published on Jan 7, 2013By InvestorGuide Staff