US stocks face first weekly loss

Weak results from several United
States companies helped tug the stock
market down slightly on Friday, putting
major indexes on course for their first
weekly loss this month, The Associated
Press reported .
Many traders are also looking ahead to
a packed schedule of events next
week, including a Federal Reserve
meeting and the government's
monthly employment report.
"There's just a deluge of market-
moving events next week," the Chief
Market Strategist, LPL Financial, Jeffrey
Kleintop said "Traders seem to be
erring on the side of caution today."
Expedia plunged 26 per cent, the worst
fall in the Standard& Poor's 500 index.
The online travel agency reported
earnings late Thursday that badly
missed analysts' expectations. Higher
costs were the main culprit. Expedia
lost $17.09 to $47.91.
A half-hour before the closing bell, the
Standard & Poor's 500 index was down
two points, or 0.1 per cent, to 1,688.
The Dow Jones industrial average
dropped 16 points, less than 0.1 per
cent, to 15,539. The Nasdaq composite
index edged up two points to 3,608.
Before the market opened, Newmont
Mining turned in a quarterly loss,
largely a result of slumping prices for
copper and gold. Analysts had
predicted a slight profit. Newmont's
stock fell 30 cents, or 1 per cent, to
$30.33.
Starbucks posted results late Thursday
that beat analysts' estimates. Lower
costs for coffee beans and better sales
of salads and sandwiches helped.
Starbucks jumped $5.09, or seven per
cent, to $73.26.
It's halftime in the second-quarter
earnings season, and corporate profits
are shaping up better than some had
feared.
Analysts forecast that earnings for
companies in the S&P 500 increased
4.5 per cent over the same period in
2012, according to S&P Capital IQ. At
the start of July, they predicted
earnings would rise 2.8 per cent.
Nearly seven out of every 10
companies have surpassed Wall
Street's profit targets.