(By Salman - iStockAnalyst Writer)US stocks opened on a flat note with a negative on Monday as Honeywell and Aetna reported sharp drop in quarterly earnings.
At 9:36 am ET, the Dow Jones Industrial Average fell 21.96 points or 0.23% to 9,072.08. The S&P 500 declined 2.56 points or 0.26% to 976.24. The Nasdaq Composite dropped 7.03 points or 0.31% to 1,958.93.
Late on Thursday, software giant Microsoft Corp. (NASDAQ:
) reported that fiscal fourth-quarter net income fell to $3.05 billion, or 34 cents a share, from $4.3 billion or 46 cents a share in the prior year period. Revenue declined 17% to $13.1 billion.
Early on Monday, Verizon Communications Inc. (NYSE:
) announced that second-quarter profit slipped 7.2% to $3.16 billion, or 52 cents a share, from $3.40 billion, or 66 cents a share, in the prior year quarter. Revenue surged 11.3% to $26.9 billion.
Honeywell International Inc. (NYSE:
) reported that second-quarter net income fell to $450 million or 60 cents a share, from $723 million, or 96 cents a share in the year-ago period. Revenue declined to $7.57 billion from $9.67 billion.
Health insurer Aetna Inc. (NYSE:
) reported that second quarter net income plunged 28% to $346.6 million, or 77 cents per share, compared with $480.5 million, or 97 cents per share. Adjusted earnings per share were 68 cents. Revenue increased 11 percent to $8.67 billion from $7.83 billion.
Corning (NYSE:
) said that second-quarter net income fell to $611 million, or 39 cents a share, from $782 million, or 49 cents a share, a year earlier.. Excluding special items, however, its profit of 39 cents easily beat Wall Street's forecast of 32 cents a share. Revenue tumbled 18% to $1.4 billion from $1.69 million but also exceeded analysts' forecasts of $1.36 billion.
On the economic front, new home sales data is scheduled for release at 10:00 am ET.
European stocks advanced in afternoon trade. At 13:00 pm London time, the UK FTSE gained 5.63 points or 0.12% to 4,582.24. The German DAX and French CAC decreased 1.08% and 0.72%.
Asian stocks finished with gains. The Nikkei 225 rose 144.11 points or 1.45% to 10,088.66. The Hang Seng index of Hong Kong advanced 268.83 points or 1.35% to 20,251.62.
NYMEX crude oil for September delivery climbed as much as 94 cents or 1.4% to $68.99 a barrel in electronic trading.
Disclosure: Author doesn’t own any of the stocks mentioned here.
