Stocks Start Mainly Lower Amid Earnings
U.S. stocks opened mostly lower on Monday as investors considered corporate reports including one from Caterpillar Inc. and Hasbro Inc. The Dow Jones Industrial lately fell 39.05 points to 13,304.46. The S&P 500 index declined a 3.33 points to 1,429.86. The Nasdaq Composite gained 1.61 points to 3,007.23.
Caterpillar (CAT) reported quarterly earnings on Monday that beat Wall Street’s expectations, but revenue came in lighter than forecast. Earnings excluding items increased to $2.54 per share from $1.71 a share in the year-earlier period. Revenue increased to $16.45 billion from $15.72 billion during the same period last year.
Hasbro Inc (HAS), the No. 2 U.S. toy company, posted a third-quarter profit that topped Wall Street expectations but sales fell short of estimates. Hasbro’s net profit fell to $164.9 million, or $1.24 per share, from $171.0 million, or $1.27 per share, a year earlier. Sales fell 2 percent to $1.35 billion.
State-controlled Russian oil company Rosneft has struck a two-part deal worth about $55 billion to buy privately-owned TNK-BP and make British oil company BP a near-20 percent Rosneft shareholder with two seats on the board.