* CPI edges higher, Empire State manufacturing misses
* Materials under pressure after Chile cuts copper outlook
* Indexes: Dow up 0.08 pct, S&P up 0.11 pct, Nasdaq off 0.39
(Updates to open; adds data, quote)
By Chuck Mikolajczak
NEW YORK, April 15 U.S. stocks dipped on
Tuesday, as gains in Coca Cola and Johnson & Johnson after their
quarterly earnings were offset by mixed economic data and a
resumed slide in momentum shares.
Coca-Cola Co advanced 3.2 percent to $39.98 as the
biggest boost to the S&P 500 after the soft drink maker reported
better-than-expected quarterly revenue as strong sales in China
more than offset a drop in Europe and flat volumes in North
Fellow Dow component Johnson & Johnson rose 1.3
percent to $98.37 after it posted quarterly earnings well above
Wall Street expectations, as brisk sales of new prescription
drugs balanced weak sales of consumer products, and slightly
raised its full-year profit view.
The Nasdaq moved lower, however, weighed down by another
round of declines in momentum names. Tesla Motors fell
3.3 percent to $191.45 and Facebook lost 2.7 percent to
$57.32 to rank among the worst performers on the Nasdsq 100
"The outlooks certainly look healthy and there is a sense of
optimism on earnings," said Anastasia Amoroso, global market
strategist with J.P. Morgan Funds in New York.
"But given that we've talked so much about the bad weather
in the first quarter, it is definitely priced into their
estimate and is probably part of the reason why estimates came
down in anticipation of this earnings season."
Economic data continued to point to a sluggish recovery.
A gauge of manufacturing in New York state grew at a slower
rate than the previous month and was below expectations in
April. Meanwhile, the U.S. Consumer Price Index increased 0.2
percent in March, although inflation pressures remained
The National Association of Home Builders said homebuilder
sentiment edged up in April but remained mostly dour on
lingering concerns about stiff credit conditions for buyers and
tight supply of building lots and labor.
S&P 500 companies' first-quarter earnings are projected to
have increased just 1 percent from a year ago, Thomson Reuters
data showed. The forecast is down sharply from the start of the
year, when profit growth was estimated at 6.5 percent.
Investors will be looking at the impact of harsh winter
weather on first-quarter earnings, and signs of company optimism
for the second-quarter.
The Dow Jones industrial average rose 13.65 points or
0.08 percent, to 16,186.89, the S&P 500 gained 2.02
points or 0.11 percent, to 1,832.63.
The Nasdaq Composite dropped 15.585 points or 0.39
percent, to 4,007.109.
Materials stocks lost ground after Chile reduced
its global outlook for copper prices to an average $3.05 per
pound this year, down from its previous estimate of $3.15, as
prospects for growth ease in top buyer China. Newmont Mining
Corp lost 3.6 percent to $23.53 as the worst performer
on the benchmark S&P index.
Aaron's Inc, slumped 7.4 percent to $28.23 after the
rent-to-own furniture and electronics retailer said it had
rejected a $2.3 billion takeover offer from a major shareholder
and instead acquired a retail credit financing firm for about
Barcode printer maker Zebra Technologies said it
would buy Motorola Solutions's enterprise business,
which makes rugged mobile computers, tablets and barcode
scanners, for $3.45 billion in cash. Motorola Solutions shares
slipped 1.3 percent and Zebra Tech lost 6.7 percent.
(Reporting by Chuck Mikolajczak; Editing by Meredith Mazzilli)