Corporate Earnings Reports Still a Pull on Stocks
(NEW YORK) — It seems corporate earnings reports are still impacting the major stock averages. A weak forecast from heavy equipment maker Caterpillar weighed on the market Monday for most of the session before the averages clawed back. Caterpillar cut its forecast for full-year revenue and income, saying that the global economy is weaker than they had anticipated.
Shares of VF Corp. fell more than four percent after the North Face and Wrangler clothing maker’s revenue came up short of what analysts were expecting. Hasbro, the toymaker behind brands like “My Little Pony” and “Transformers,” also said its sales for boys and preschoolers were less than the company had hoped. Hasbro’s net profits dropped 3.6 percent.
The Dow, which had been down more than 100 points, picked up two to close at 13,346. The Nasdaq closed up 11 points at 3,017, and the S&P edged up just a fraction of a point to close at 1,434.
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