Stocks Ended Lower on Greek Talks, Earnings

U.S. stocks closed with losses for two of three benchmark indexes on Tuesday on concerns that a deal to prevent a default by Greece might fall through. A slew of U.S. corporate earnings Tuesday also did little to bolster investors’ confidence. The Dow Jones Industrial Average lost 33.07 points, or 0.26%, to 12,675.75. The S&P 500 fell 1.35 points, or 0.10%, to 1,314.65. The Nasdaq Composite added 2.47 points, or 0.09%, to 2,786.64.

European finance ministers pressured Greece’s private creditors to accept lower interest rates on restructured Greek government debt. A resolution is crucial as Greece must repay €14.5 billion of maturing debt in March to avoid a default.

Apple Inc. saw earnings more than double for its first fiscal quarter, reporting results on Tuesday afternoon that blew past Wall Street’s estimates, primarily from a huge jump in sales of the iPhone. For the quarter ended Dec. 31, Apple reported net income of $13.1 billion, or $13.87 per share, compared with net income of $6 billion or $6.43 per share for the same period the previous year. Revenue jumped 73% to $46.3 billion.

Yahoo Inc. on Tuesday reported a fiscal fourth-quarter profit that fell by 5% from the year-ago period, with sales also down for the Internet company that is in the middle of an ongoing turnaround effort. For the quarter ended Dec. 31, it earned $296 million, or 24 cents a share, compared with earnings of $312 million or 24 cents a share in the same period a year ago. Revenue came in at $1.17 billion, down from $1.2 billion in last-year’s fourth quarter. Total revenue for the quarter was $1.32 billion, down 13% from a year ago.

Altera Corp.(ALTR) said late Tuesday that its fourth-quarter profit fell to $146.6 million, or 45 cents a share, from $231.6 million, or 72 cents a share, in the year-ago period. Revenue fell to $457.8 million from $555.4 million last year.

Advanced Micro Devices (AMD) on Tuesday reported a fourth-quarter loss of $177 million, or 24 cents a share, compared with a profit of $375 million, or 50 cents a share, for the year-earlier period. Revenue was $1.69 billion, up from $1.65 billion.

Crude-oil futures finished below $99 a barrel Tuesday. Crude for March delivery shed 63 cents, or 0.6%, to settle at $98.95 a barrel, after tapping a low of $98.25 on the New York Mercantile Exchange.






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