The Clinton Herald, Clinton, Iowa

Business & Technology

November 5, 2013

Stocks post modest but broad gains on Wall Street

(Continued)

"Generally earnings have been OK, but revenues have been a little bit light," said Lawrence Creatura, portfolio manager for the Clover Small Value Fund at Federated Investors.

"Management teams seem to be getting it done through cost-cutting rather than vibrant organic growth. The economy is growing slowly, stubbornly slowly," Creatura said.

With just 14 companies reporting earnings on Monday, some investors were on the sidelines. The pace picks up on Tuesday. Investors were also looking ahead to Twitter's highly anticipated public offering Thursday and the Labor Department's employment survey on Friday.

Eleven other companies are also expected to bring IPOs this week. That means this week will be tied for the busiest of the year.

IPOs often track stock market valuations. The more investors pay for stocks listed now, the more companies figure investors will pay for newly issued shares, too.

"Twitter has really reawakened the retail investor," said Kim Forrest, an analyst at Fort Pitt Capital Group. "Maybe they're responsible for the market drifting up the way it has today."

Airline stocks rose after reports that US Airways Group Inc. and American Airlines, which are seeking a merger, are in talks with the Justice Department to resolve antitrust concerns before a trial later this month.

BlackBerry plunged $1.27, or more than 16 percent, to $6.50 after calling off its effort to find a buyer and replacing its CEO. The smartphone maker has been losing customers to Apple's iPhones and phones that run Google's Android software.

Food distributor Sysco rose after its earnings beat analyst estimates. Its stock rose $1.40, or 4.3 percent, to $33.96.

The yield on the 10-year Treasury note fell to 2.60 percent from 2.62 percent.

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