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U.S. Stocks Inch Lower in Early Trading

Tuesday, January 22, 2013 11:12 AM
U.S. stocks traded lower during early trade on Tuesday as Wall Street investors weigh mixed bag of corporate earnings and wait for results from heavyweights after the closing bell. At last check, the Dow Jones Industrial Average Index was flat; the NASDAQ Composite Index fell 0.15% while the S&P 500 Index inched lower 0.09%. Shares of Johnson & Johnson (NYSE: JNJ) edged lower in early trade on Tuesday after the company’s fiscal fourth quarter revenue fell short of Street’s estimate; however earnings  on Non GAAP basis beat analysts’ forecast. Shares of chemical giant DuPont (NYSE: DD) and insurance company, and The Travelers Companies Inc. (NYSE: TRV) gained after both companies’ fiscal fourth quarter earnings bettered Wall Street’s expectations. After the closing bell, International Business Machines Corp. (NYSE: IBM) and tech giant Google Inc. (NASDAQ: GOOG), Texas Instruments Inc. (NASDAQ: TXN) and Archer Daniels Midland Company (NYSE: ADM ) are scheduled to report fiscal fourth quarter earnings. In spite of fiscal fourth quarter earnings on adjusted basis missing street’s estimate, shares of telecommunications giant Verizon Communication Inc. (NYSE: VZ) edged higher in early trade. Asian equities mainly ended lower as investors were disappointed by Bank of Japan’s new economic stimulating measures. Although the bank introduced an open ended asset purchase program and upped the inflation target to 2% from 1%, its reluctance to continue with economic stimulating measures until 2014, weighed on the sentiment. The Nikkei Index fell 0.35% while China’s SSE ended 0.56% lower. In Germany, The ZEW indicator, a gauge on economic sentiment, rose to 31.5 in January from 6.9 in December, beating economists’ expectation for a reading of 12.00. Markets, however, traded  mainly lower with Stoxx 600 losing 0.13%, FTSE 100 almost flat while Germany’s DAX falling 0.77%, at last check.

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