By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks pared in late morning
trade Monday while a wave of companies reported earnings that
topped Wall Street forecasts.
Reporting ahead of the bell Monday, Halliburton Co. (HAL),
Hasbro, Inc. (HAS) and Kimberly-Clark Corp. (KMB) beat Wall
Street's expectations. Netflix, Inc. (NFLX) is scheduled to release
earnings results after the market close.
The S&P 500 (SPX) was down less than a point at 1,864.44.
The benchmark index finished the holiday-shortened week with the
best gain in 9 months on Thursday.
The Dow Jones Industrial Average (DJI) added 6 points to
16,417.40.
The Nasdaq Composite (RIXF) was down 9 points, or 0.2%, to
4,085.75.
"The rally [last week] was supported by a deeply oversold
condition and improving economic conditions. The economy could be a
catch-22, however, should an increase in economic activity prompt
inflation to accelerate," wrote Bruce Bittles, chief investment
strategist at Baird.
The economic calendar is light on Monday with only two reports
on the docket. The Chicago Fed National Activity Index decreased to
0.20 in March from 0.53 in February. Signaling that growth could
accelerate in coming months, the Conference Board's leading
economic index rose 0.8% in March, after a 0.5% rise in February,
officials said Monday.
Halliburton, AMD rally
One of the busiest weeks for earnings releases began with the
results of Halliburton and Kimberly-Clark.
Ahead of the bell on Monday, Halliburton (HAL) reported that it
swung to a first-quarter profit. Revenues also improved and results
beat expectations. Shares rallied 4% in early trade.
Kimberly-Clark (KMB)posted estimate-beating profits, which
largely came from lower cost as sales were weaker. Shares were
slightly lower in early trading.
Hasbro Inc. (HAS) shares rose 1.2% after the toymaker said it
swung to a first-quarter profit from a loss in the same quarter
last year, thanks to sales of its girls toys category.
Shares of Advanced Micro Devices Inc. (AMD) rose 12% to $4.12
after the company reported better-than-expected results late
Thursday.
After the close, Netflix Inc. (NFLX) will take the spotlight.
The video-streaming company was trading 1.3% lower and lost nearly
a quarter of its market value from its peak reached in March. What
to look for in Netflix's earnings Monday.
Shares of Sarepta Therapeutics Inc. (SRPT) soared 47% after the
company announced plans to submit a new drug application to the
Food and Drug Administration for the treatment of Duchenne Muscular
Dystrophy by the end of the year.
This week, the deluge of corporate earnings includes Apple Inc.
(AAPL) , Microsoft Corp. (MSFT), Boeing Co. (BA) and Caterpillar
Inc. (CAT)
European markets closed for Easter Monday
Several global markets remained closed on Monday, including
those in Europe, plus Australia, Hong Kong and New Zealand. The
Nikkei 225 index closed up 0.6%, while other markets closed flat to
slightly lower.
Gold(GCM4) and oil prices (CLK4) eased back on Monday, while the
dollar firmed against the yen (USDJPY).
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