* Mosaic, Potash Corp tumble after Russia quits top potash
* Sprint posts wider loss but revenue rises, shares up
* Aetna profit, Pfizer earnings beat expectations
* Indexes up: Dow 0.3 pct, S&P 0.3 pct, Nasdaq 0.5 pct
By Rodrigo Campos
NEW YORK, July 30 U.S. stocks recovered the
previous day's losses on Tuesday after earnings from Pfizer and
others gave the market support, but Mosaic and other potash
producers tumbled on expectation of a global price decline.
Volume could be subdued before the Fed statement on
Wednesday at the end of a two-day policy meeting. The Fed's Open
Market Committee's statement will be combed for hints of when
the central bank may begin to scale back its $85 billion a month
in asset purchases aimed at stimulating the economy.
Pfizer rose 1.9 percent to $30.09 after it reported
second-quarter earnings slightly ahead of estimates as it lines
up a business split that could lead to the spinoff of its
"Earnings are being consistent with what the market has been
expecting and we are on Fed watch, so we'll probably have a
range-bound market, possibly regaining yesterday's losses," said
Peter Cardillo, chief market economist at Rockwell Global
Capital in New York.
Besides the Fed statement, investors are bracing for
Friday's payrolls report as it may decide the Fed's next move,
he said. Non-farm payrolls are expected to have risen 184,000 in
July, according to a Reuters survey.
Shares of Mosaic Co tumbled 23 percent to $40.70
after Russia's Uralkali dismantled one of the world's
largest potash partnerships by pulling out of a venture with its
partner in Belarus, a move it expects will cause global prices
to plunge by 25 percent.
Intrepid Potash shares plunged 31 percent to $13.39
while U.S-traded shares of Potash Corp fell 23 percent
to $29.31 and Agrium lost 7.8 percent to $84.29.
The S&P materials index was the worst performing
of the top ten industry groups, down 1 percent.
The Dow Jones industrial average rose 49.3 points or
0.32 percent, to 15,571.27, the S&P 500 gained 5.77
points or 0.34 percent, to 1,691.1 and the Nasdaq Composite
added 16.67 points or 0.46 percent, to 3,615.81.
With results in from more than half of the S&P 500
companies, 67.2 percent have beaten earnings expectations - in
line with the 67 percent average beat over the last four
quarters. About 56 percent of the companies have beaten revenue
expectations, more than the 48 percent of revenue beats in the
past four earnings seasons, Thomson Reuters data showed.
Coach Inc shares dropped 8.8 percent to $52.77 after
the leather goods maker reported soft sales at its North
American stores and announced the departures of two more
Goodyear Tire & Rubber jumped 13.6 percent to a near
five-year high of $19.21 after its quarterly profit more than
doubled due to lower raw material costs and stabilizing sales in
Mobile service provider Sprint Corp posted a wider
quarterly loss on costs from shutting down its Nextel network,
but revenue grew as customers spent more on wireless services.
Shares rose 4.2 percent to $5.98.
Herbalife shares rose 7.4 percent to $65.04 a day
after the nutritional products company said its better
than-expected earnings and rosy 2013 outlook were driven by a
fast-growing global distributor network and strong demand for
its weight-loss shakes and supplements.
Equities and futures barely reacted to data showing a
smaller than expected increase in home prices in May and a gauge
of consumer confidence that came in slightly below expectations.