Stocks Opened Mixed ahead of Confidence Data

Stocks opened mixed on Tuesday as investors were cautious following a recent rally and before consumer confidence data. The Dow Jones industrial average lately rose 20.31 points or 0.15 percent, to 13,902.24, the S&P 500 gained 1.37 points to 1,501.55 and the Nasdaq Composite dropped 8.38 points or 0.27 percent, to 3,145.92.

Single-family home prices rose in November, data from a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.6 percent in November on a seasonally adjusted basis, in line with economists’ forecasts.

Ford Motor (NYSE:F) reported higher-than-expected earnings and revenue Tuesday, but predicted a wider loss in Europe due to persistent weakness in the region. Earnings excluding items rose to 31 cents per share from 20 cents a share in the year-earlier period. Revenue improved to $34.5 billion, most of it generated by its North American operations, from $32.60 billion a year ago.

Eli Lilly and Co (LLY) said on Tuesday that fourth-quarter profit fell as competition from generic drugs drove revenue lower. The U.S. drugmaker earned $827 million, or 74 cents per share, down from $858 million, or 77 cents per share, a year earlier. Revenue dropped by about 1 percent to $5.96 billion, but were above Wall Street expectations of $5.81 billion.

Boston Scientific Corp. (BSX), the second- biggest maker of heart devices, said it plans to cut as many as 1,000 jobs in an expansion of its restructuring program that will save an additional $100 million to $115 million annually.

Toronto-Dominion Bank (TD), Bank of Nova Scotia and four other Canadian lenders had their credit ratings cut by Moody’s Investors Service because of high home prices and consumer debt.