Stocks: Boeing and earnings in focus

  @CNNMoneyInvest January 17, 2013: 8:59 AM ET
sp500 futures 852

Click on chart for more premarkets data.

NEW YORK (CNNMoney)

Corporate earnings continue Thursday, but it's Boeing at center-stage as governments around the world ground its 787 Dreamliner fleet.

Regulators in Europe, India and Japan joined the Federal Aviation Administration after it grounded all Dreamliner planes. They cited worries about onboard lithium-ion batteries that have twice caught fire recently. Boeing (BA, Fortune 500) shares fell 3% in premarket trading.

U.S. stock futures were higher as major financial institutions reported earnings.

Bank of America (BAC, Fortune 500) posted fourth-quarter earnings that fell from a year earlier but topped forecasts. The bank's results included charges related to its portion of last year's $26 billion foreclosure settlement alongside four other banks. Revenue fell short, though, and shares fell more than 1% in premarket trading.

Related: Bank of America profit dinged by mortgage charges

Citigroup (C, Fortune 500) reported profits that missed expectations, partly due to high legal costs amounting to $1.3 billion. Chief Executive Michael Corbat cited "an environment that remains challenging." Shares fell 2% in premarket trading.

BlackRock (BLK, Fortune 500), the world's largest asset manager, reported better-than-expected earnings of $3.96 per share. Shares rose more than 3%.

American Express (AXP, Fortune 500), Capital One (COF, Fortune 500) and Intel (INTC, Fortune 500) will report results up after the closing bell on Thursday.

Related: Citigroup posts a big earnings miss

Overall, S&P 500 companies are expected to report earnings growth of 3.2% for the last three months of 2012, according to S&P's Capital IQ.

Shares of Herbalife (HLF) dropped more than 2% in premarket trading, after the vitamin supplement company said it would likely incur temporary expenses relate to "recent events." Activist investor Bill Ackman, who runs the $11 billion hedge fund Pershing Square, has called Herbalife a pyramid scheme and publicly said that he's betting $1 billion that its stock will fall to zero.

CBS (CBS, Fortune 500) shares rose nearly 10% in premarket trading, after the company announced it would take its American outdoor division, which runs billboards, and convert it into a real estate investment trust. It's planning to outright sell those operations in Europe and Asia.

As for economic data, the government reported a 5-year low for weekly jobless claims, falling 37,000 to 335,000 in the latest week.

Meanwhile, the pace of home building surged in December, as the market bounced back from the impact of Superstorm Sandy. The Census Bureau's report showed housing starts increased 12.1% over the previous month.

U.S. stocks ended mixed Wednesday.

Related: The market's extremely greedy now

European markets were mixed in early trade. The FTSE 100 slipped as mining company Rio Tinto (RIO) replaced its CEO after taking a $14 billion writedown on its aluminum and coal businesses. In Asia, Japan's Nikkei closed narrowly higher, but the Hang Seng slipped and the Shanghai Composite fell more than 1%. To top of page



Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 6:07pm ET
Company Price Change % Change
Bank of America Corp... 16.15 0.00 0.00%
Facebook Inc 58.94 0.00 0.00%
General Electric Co 26.56 0.00 0.00%
Cisco Systems Inc 23.19 -0.02 -0.09%
Micron Technology In... 23.91 0.00 0.00%
Data as of Apr 17
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.