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Stock Market Today, Jan. 22: U.S. stocks today are mixed and trading in a fairly narrow range as corporate earnings season continues - with lackluster results. Investors are cautious ahead of economic data tomorrow that includes jobless claims and existing home sales reports.
Energy futures are up today, with light sweet crude oil for March delivery up 0.57% at $95.51 per barrel and heating oil for February delivery up 0.5% at $3.03 per gallon. Natural gas is up a substantial 2.3% at $4.53 per million BTUs today.
Meanwhile, metals futures have dipped a bit today. Gold for February delivery is down 0.1% at $1,240.50 per ounce and silver for March delivery is down 0.1% at $19.86 per ounce.
Now for today's biggest corporate earnings results...
Corporate Earnings Today: Coach, IBM
Several companies are releasing quarterly earnings today, many of which have disappointed Wall Street for much of this session.
Among the earnings weighing stocks, Coach Inc. (NYSE: COH) is down about 7% today as it reports second-quarter earnings of $1.06 per share, below the analyst consensus of $1.11 per share. Sales were $1.42 billion, just under Street expectations for $1.48 billion.
Chief Executive Officer Victor Luis said Coach continues "to be disappointed by our performance in North America, which was impacted by substantially lower traffic in our stores." In fact, Coach has had the worst same-store sales in 13 years, according to MarketWatch. However, Luis said China sales continue to be "resilient," with sales up 25%.
In technology earnings news today, International Business Machines Corp. (NYSE: IBM) is down more than 3% after it reported fourth-quarter earnings of $6.13, ahead of the analyst consensus of $6.00 per share. Revenue was $27.7 billion, below expectations of $28.2 billion.
IBM's management said it had a difficult cash flow year in 2013, with cash flow down more than $3.0 billion.
But healthcare stocks are where the bigger share price moves are, with one doubling in trading today...
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