US STOCKS-Indexes flat, Alcoa's gains offset IBM
Fri Jan 19, 2007 1:55pm ET
Alain Belda
Chairman of the Board, Chief Executive Officer
Salary:
USD 1,325,000
Bonus:
USD 1,600,000
Age:
62
Alain J. P. Belda is Director, Chairman of the Board and Chief
Executive Officer. Mr. Belda was elected to Alcoa's Board of Directors
in September...
Full Bio
(Updates to midafternoon, changes byline)
By Jennifer Coogan
NEW YORK, Jan 19 (Reuters) - U.S. stocks were little
changed after disappointing financial results from IBM (IBM.N: Quote, Profile , Research)
were offset by a rebound in energy shares and news of a share
buyback by Alcoa Inc. (AA.N: Quote, Profile , Research)
A 2 percent rise in crude oil prices supported shares of
major energy companies, such as Exxon Mobil Corp.(XOM.N: Quote, Profile , Research), which
was among the top positive influences on the S&P 500 and the
Dow stock gauges.
Aluminum maker Alcoa's share buyback announcement added to
gains in the metals sector, which was already higher amid a
global bidding war for Anglo-Dutch producer Corus Group Ltd.
(CS.L: Quote, Profile , Research).
International Business Machines Corp. delivered better
profits, but its earnings failed to beat some forecasts,
putting the stock on course for its biggest daily drop in
nearly two years.
"You can no longer really say 'as GM goes, so goes the
nation,' but you still say that about IBM. It just typifies the
attitude of investors here if they are concerned about IBM's
earnings," said Carl Birkelbach, founder and chief executive of
Birkelbach Management in Chicago.
The Dow Jones industrial average <.DJI> was down 8.73
points, or 0.07 percent, at 12,559.20. The Standard & Poor's
500 Index <.SPX> was up 2.63 points, or 0.18 percent, at
1,429.00. The Nasdaq Composite Index <.IXIC> was up 3.51
points, or 0.14 percent, at 2,446.72.
Continued...
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