U.S. stocks reversed early gains Tuesday as stronger Chinese manufacturing data vied with a worsening in sentiment about Europe, and as investors traded cautiously before some key earnings reports. The Dow Jones Industrial Average dropped an initial 32 points to 12,689. By Monday's close, the index had booked its first back-to-back triple-digit decline since April. The S&P 500 dipped 2 points to 1,348. The Nasdaq Composite fell 8o cents to 2,889. The earnings keep flooding in with mixed results. To the up side, Under Armour is jumping 11% to just under its' all-time high. Domino's Pizza, Six Flags, and Polaris Industrials are all higher following earnings. Whirlpool is down 7% on earnings. In the transportation space, truck companies Ryder and Paccar are higher by 5% on earnings. Both stocks have come under pressure the last several months. Bellwether, UPS is down 4% after missing estimates and cutting guidance. A more common theme particularly among the transports. Not a good sign for the economies around the world. In the tech space things are mixed. Baidu.com is jumping 9% on earnings. EMC is higher on earnings while VMware is lower by a percent. Texas Instruments is also lower on earnings. Lexmark is down 7% on earnings. Cisco Systems is down 4.5% approaching its' 52 week low as the company announced more job cuts. Apple is modestly higher ahead of earnings tonight, but most of the blue chips are lower. The financials are holding in there. JP Morgan and Goldman Sachs are modestly higher. The energy space, materials, and industrials are all trading lower. Peabody Energy is getting hit following earnings. The stock is down 38% year to date. Not good. Through the first hour the Dow pushed lower falling 90 points before bouncing back. AT&T had solid earnings this morning causing the stock to initially trade up only to sell back off. The Nasdaq dropped 16 points before rebounding. Apple is leading the rebound ahead of earnings. Through the morning the averages stabilized, but remained in the red. During the lunch hour the Euro sold off causing our dollar to rise and the major averages to sell off. Within an hour the Dow dropped a further 100 points while the Nasdaq dropped 25 points as even Apple fell into the red. Through the afternoon the Dow dropped 200 points before trying to rebound. The Nasdaq declined 35 points. It's all about Europe right now. I don't think even Apple can save the day.
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