Stocks Edge Down Ahead of Earnings

Dow off 50 in early trading; first reports due late today
By Kevin Spak,  Newser Staff
Posted Jan 12, 2009 9:04 AM CST
Stocks Edge Down Ahead of Earnings
Traders confer on the floor of the New York Stock Exchange Thursday, Jan. 8, 2009   (AP Photo/Richard Drew)

Stocks moved lower at today’s open as traders held their collective breath ahead of what’s expected to be a dismal earning season, the Wall Street Journal reports. The Dow was down 50 points recently, to 8,548, while the S&P and Nasdaq dipped 0.95% and 0.78% respectively. All eyes are on Alcoa, which will begin earnings season by reporting after the bell today.

Citigroup shares were also sliding, down 8% on news that it could sell a controlling stake in Smith Barney to Morgan Stanley. Abbott Laboratories dropped 0.5% after agreeing to acquire Advanced Medical Optics. Crude oil, meanwhile, fell more than $2, and recently traded around $38 a barrel. (More stock market stories.)

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