“We’re going to see lousy results, but I think we’ll still see optimistic forecasts from companies,” said Jack Ablin, chief investment officer with BMO Private Bank in Chicago. “Companies lost a lot of business in the first couple months of the year, but most of that business, I suspect, will come back.”
In other company news:
— Intuitive Surgical, the maker of robotic surgical equipment, slumped $33.20, or 7 percent, to $456.64. The company warned that first-quarter sales would be drastically lower than previously expected.
— La Quinta Holdings, the parent company of the hotel chain La Quinta Inns, rose 12 cents, or 0.7 percent, to $17.12 on its first day of trading. La Quinta is owned by the private equity firm Blackstone Group and was taken public this week in a $650 million IPO.