Key Indices Near Lows as Trade Enters Final Hour
04-Feb-13 15:00 ET
[BRIEFING.COM] With sixty minutes left during today's session, the major averages have yet to stage a significant move away from their respective lows. The S&P 500 is shedding 0.8% while Nasdaq is down 1.1% as it underperforms. Today's sentiment was dictated by cautious European trade where controversy continues to envelop Italian financials as well as the Spanish ruling party.
U.S. equities have faced selling pressure throughout the day as all ten S&P 500 sectors trade in the red. Financials are displaying weakness after their European counterparts underperformed notably. Meanwhile, the tech sector is lagging as Apple (AAPL 445.40, -8.22) trades with a loss of 1.8%. In addition, Oracle (ORCL 35.15, -1.05) is slipping 2.9% after the company acquired Acme Packet (APKT 29.24, +5.31) for $29.25 per share. The transaction price represents a 22.2% premium to Acme's Friday closing price.
The remainder of the week will be busy in terms of earnings as more than 450 companies covered by Briefing.com are scheduled to report their quarterly results before the weekend. Following today's close, YUM! Brands (YUM 65.06, -0.87) is expected to report year-over-year fourth quarter earnings growth of 9.3%. The Capital IQ consensus expects the restaurant operator to reveal earnings of $0.82 on $4.12 billion in revenue.