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U.S. stocks advance as investors await start of earnings season

By Lu Wang and Lindsey Rupp, Bloomberg

April 8, 2013 • Reprints

U.S. stocks rose, after the biggest weekly drop of the year for the Standard & Poor’s 500 Index, as investors awaited Alcoa Inc.’s financial release to mark the beginning of the earnings season.

Alcoa, the largest U.S. aluminum producer, added 1%. Advanced Micro Devices Inc. rose the most in the S&P 500 after Microsoft Corp. was said to use AMD chips in its next Xbox game console. BioCryst Pharmaceuticals Inc. surged 15% as China expedited the approval of its anti-influenza drug Peramivir. Lufkin Industries Inc. jumped 37% as General Electric Co. agreed to buy the maker of oil-well pumps.

The S&P 500 rose 0.4% to 1,558.85 at 3:15 p.m. in New York, after falling as much as 0.3% earlier. The Dow Jones Industrial Average added 11.41 points, or 0.1%, to 14,576.66 Trading in the S&P 500 was 16% below the 30-day average during this time of day.

Today’s reversal “continued a pattern, which has shown for quite some time now, which is any weakness is met with buying at some point of the day,” James Gaul, a portfolio manager at Boston Advisors LLC, which oversees about $2.5 billion in assets, said in a telephone interview. “There are people who are afraid of missing out on further rallies.”

The S&P 500 fell 1% last week as U.S. payrolls had the smallest gain in nine months in March while other reports showed manufacturing and services industries expanded less than forecast. The index climbed to an all-time high of 1,570.25 on April 2. The benchmark has more than doubled from its 12-year low in March 2009, helped by the Federal Reserve’s unprecedented bond purchases and three straight years of profit growth.

Earnings Season

JPMorgan Chase & Co., Wells Fargo & Co. and Bed Bath & Beyond Inc. are among nine S&P 500 companies scheduled to report earnings this week. Analysts project profits at S&P 500 companies fell 1.8% in the latest quarter, the first year-over-year drop since 2009, estimates compiled by Bloomberg show. Analysts had predicted a 1.2% increase when surveyed in January.

Chief executive officers “have given lower and lower expectations, that anybody who doesn’t meet expectations in this quarter is going to be punished severely,” Joe Kinahan, chief derivatives strategist at Omaha, Nebraska-based TD Ameritrade Holding Corp., said by telephone. His firm has $499.3 billion in client assets. “While those that beat won’t necessarily be rewarded, it’ll keep their stocks from being annihilated.”

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Related Terms
US Federal Reserve 8527Bloomberg 5254financials 2975S&P 500 2462stocks 2123Standard & Poor 2008equities 1689manufacturing 1315Stock indexes 843JPMorgan Chase & Co. 818Connecticut 587earnings 303Nebraska 216Wells Fargo & Co. 172Alcoa Inc. 151BlackRock Inc. 131Microsoft Corp. 117Intel Corp. 97General Electric Co. 87aluminum producer 80International Business Machines Corp. 78Johnson & Johnson 66Mizuho Securities USA Inc. 48information technology 40Netflix Inc. 35TD Ameritrade Holding Corp. 22Time Warner Inc. 18Advanced Micro Devices Inc. 17Stamford 15Food and Drug Administration 15Russ Koesterich 10Bed Bath & Beyond Inc. 9Abhey Lamba 8Boston Advisors LLC 7James Gaul 7CA Inc. 6Warner Bros. 4health-care products 4Acorn Derivatives Management Corp. 3Dow 3Joe Kinahan 3Andrew Greeley 3Lufkin Industries Inc. 2Valentijn Van Nieuwenhuijzen 2BioCryst Pharmaceuticals Inc. 2oil-well pumps 2power-generation equipment 2Van Nieuwenhuijzen 2

Free Newsletter Modern Trader Follow

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