A mixed bag of earnings news combined with a — to its highest level since February — dampened Tuesday’s mood on Wall Street, sending the broader indices to slight losses.
The S&P 500’s eight-day winning streak came to a close, finishing down 0.37% to 1676.25. The Nasdaq fell 0.25% to 3598.50, and the Dow Industrial Average lost 0.21% to finish at 15452.16.
Coca-Cola () saw its shares fall nearly 2% — making it the biggest loser in the Dow — after announcing second-quarter profits fell 4% amid sluggish demand both in the U.S. and in Europe. Meanwhile, a solid profit report showing in the second quarter at Goldman Sachs () didn’t do the stock any particular good as investors sent shares down nearly 2%.
Securities and banking firm Charles Schwab () saw its shares tumble more than 3% after its Q2 earnings declined nearly 7% compared to last year as expenses rose nearly 9%. SCHW’s troubles spilled over into the retail brokerage world, as E-Trade () and TD Ameritrade () fell more than 2% and 1%, respectively.
One of the biggest moves in the day came away from the earnings confessional, as high-flying electric car maker Tesla Motors () sunk 14% after Goldman Sachs announced a bearish view of the stock, giving TSLA a price target of $84 per share — 34% below Monday’s closing price.
Gaming technology company Shuffle Master (
) saw its shares surge amid a $1.3 billion buyout bid from Bally Technologies (), which values SHFL shares at a roughly 24% premium to Monday’s close. BYI shares also rose 7%.
After the bell, Yahoo () reported second-quarter net earnings of 30 cents per share, up 68% year-over-year and meeting analyst expectations. However, revenues of $1.071 billion were down 7% from the year-ago period and missed expectations, and Q3 revenue estimates also fell short of the consensus. YHOO shares were down nearly 2% in early after-hours trading.
Another big day of earnings announcements is on tap for Wednesday, with Bank of America (), Intel (), and American Express () heading up a crowded calendar.
Three Up
- Renesola (): Up 19% (55 cents) to $3.44.
- Rite Aid (): Up 8.1% (23 cents) to $3.06.
- Forest Oil (): Up 7.9% (38 cents) to $5.18.
Three Down
- Solarcity (): Down 8.65% ($3.86) to $40.76.
- Isis Pharmaceuticals (): Down 6.59% ($2.21) to $31.34.
- Dreamworks Animation (): Down 6.01% ($1.60) to $25.04.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long YHOO.
