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Earnings jitters weigh on stocks

Tuesday, October 06, 2015 - 01:07

Stocks lost ground on Tuesday as investors eyed upcoming quarterly reports that are expected to show a dip in corporate earnings. Bobbi Rebell reports.

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Stocks surrendered some of Monday's gains as healthcare stocks resumed their slide. Economic data didn't help. The U.S. trade deficit ballooned in August, and the International Monetary Fund cut its global growth forecasts for this year and next. Get set for a rocky ride in stock prices, says O'Shares Funds chairman Kevin O'Leary. SOUNDBITE: KEVIN O'LEARY, CHAIRMAN, O'SHARES (ENGLISH) SAYING: "I see tremendous volatility, swings of as much as 15 percent, I see. If you bought the market at the first of the year and look at what you have at the end, including dividends, you're going to make no more than seven percent." The Dow, however, got support from DuPont. The chemical giant's CEO Ellen Kullman is stepping down. Tesla shares gave ground. Morgan Stanley said the Model X sport utility's high price could make it hard for Tesla to hit its volume goals. It cut the stock's price target. PepsiCo shares popped higher after its quarterly profit beat analysts estimates. The beverage giant raised its earnings target for this year. Another chips deal: iPhone supplier Skyworks Solutions is buying PMC-Sierra for $2 billion. Across the pond, auto and oil stocks drove European shares higher.

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Earnings jitters weigh on stocks

Tuesday, October 06, 2015 - 01:07