The Herald Bulletin

Morning Update

Breaking News

July 16, 2013

Stocks open mixed on Wall Street; Coca-Cola drops

NEW YORK —  Coca-Cola held back the stock market in early trading Tuesday after the world's largest beverage maker posted second-quarter earnings that disappointed investors.

Coke fell $1.14, or 2.8 percent, to $39.90 after the company said it sold less soda in its home market of North America.

The Dow Jones industrial average was down nine points, less than one percent, to 15,474 as of 10:24 a.m. Eastern Daylight Time. The Standard & Poor's 500 index down a point at 1,680. The Nasdaq composite was little changed at 3,606.

Coke's results were partly offset by better results from Johnson & Johnson. The giant health care company rose after its second-quarter profit more than doubled thanks to higher sales of medicines and medical devices. The stock rose 67 cents, or 0.7 percent, to $91.03.

"Earnings are taking the lead at this point in time," said Brad Sorensen, Charles Schwab's director of market and sector research. "So far it's been decent, but nothing to get excited about."

The stock market is back at record levels following a brief slump in June, when the S&P 500 logged its first monthly decline since October on concern that the Federal Reserve would ease back on its economic stimulus too quickly. The S&P 500 gained for eight straight trading sessions through Monday, its longest winning streak since January.

In government bond trading, the yield on the 10-year Treasury note was unchanged from 2.54 percent Monday.

In commodities trading, the price of crude oil was little changed at $106.24 a barrel and gold rose $9 to $1,292 an ounce.

The dollar fell against the euro and the Japanese yen.

Among other stocks making big moves:

— Cintas Corp., a supplier of uniforms, fell $1.72, or 3.6 percent, to $46.16 after the company said late Monday that its fiscal fourth-quarter net income rose 9 percent, but it gave a tepid outlook for the current year due in part to the health care overhaul law.

— Heidrick & Struggles International dropped $2.91, or 16 percent, to $14.95 after the executive search firm said it is longer pursuing a sale of its business and that its CEO is stepping down.

 

1
Text Only
Breaking News
Featured Ads
More Resources from The Herald Bulletin
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium
Front page
Poll

Do you plan to attend one of the public sessions about the Mounds Lake reservoir project?

Yes
No
Not sure yet
     View Results