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U.S. Stocks Fall, Sending S&P 500 to Lowest Level in Two Months
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By Rita Nazareth and Elizabeth Stanton
July 7 (Bloomberg) -- U.S. stocks tumbled, sending the Standard & Poors 500 Index to the lowest level since May 1, on concern technology spending will slow and second-quarter earnings will fail to justify a four-month rally in equities.
Microsoft Corp. and Google Inc. lost more than 2.8 percent after researcher Gartner Inc. predicted spending on information technology will drop 6 percent this year. Discover Financial Services slumped 11 percent on plans to sell $500 million in shares. Valero Energy Corp., the largest U.S. refiner, slid 4.7 percent as gasoline sank to a seven-week low.
Theres a sense weve moved up too quickly, said Richard Sichel, who oversees $1.3 billion as chief investment officer at Philadelphia Trust Co. in Philadelphia. Expectations are not really positive for the upcoming earnings season. There are still too many doubts on whether were seeing a pick-up in economic activity at any point this year.
The S&P 500 fell 2 percent to 881.03 at 4:15 p.m. in New York, accelerating losses after falling below its average level of 885 over the past 200 days. The Dow Jones Industrial Average sank 161.27 points, or 1.9 percent, to 8,163.6. The Nasdaq Composite slipped 2.3 percent to 1,746.17 as Google, owner of the worlds most popular Internet search engine, traded under $400 for the first time in six weeks.
Alcoa Inc. will kick off the earnings season tomorrow as the first company in the Dow average to report results. Analysts estimate profits fell an average 34 percent at S&P 500 companies in the second quarter and will decrease 21 percent from July through September after plunging about 60 percent in the years first three months, according to data compiled by Bloomberg.
Rebound Stalls
About 8.5 billion shares changed hands on all U.S. exchanges, 19 percent less than the three-month daily average.
The S&P 500 has dropped 6.9 percent since June 12 on concern the rebound of as much as 40 percent from a 12-year low in March outpaced prospects for a recovery in the economy and the longest stretch of declining profits on record. Even though the S&P 500 gained 15 percent in the second quarter for its best rally since 1998, the advance stalled in June, leaving the index up less than 0.1 percent in the month.
Investors are paying 14 times profits of S&P 500 companies over the past 12 months. When the valuation reached 15.5 on June 2, it was the most expensive since October.
Microsoft, the worlds biggest software maker, slid 2.9 percent to $22.53. Google lost 3.2 percent to $396.63. Technology shares in the S&P 500 slumped 2.5 percent and contributed the most to the indexs retreat.
Budgets Still Being Cut
Gartners forecast for a 6 percent drop in technology spending is worse than the 3.8 percent decrease it predicted in March. While the global recession shows signs of easing, Gartner said in an e-mail that IT budgets are still being cut and consumers will need a lot more persuading before they can feel confident enough to loosen their purse strings.
Valero tumbled 4.7 percent to $15.86, while smaller rival Tesoro Corp. sank 5.7 percent to $11.41. Gasoline for August delivery lost 0.76 cent, or 0.4 percent, to settle at $1.7328 a gallon in New York, the lowest close since May 15.
Energy companies in the S&P 500 fell 2.5 percent as a group. Crude oil declined 1.7 percent to $62.93 a barrel the lowest settlement since May 26, on speculation a government report tomorrow will show higher gasoline inventories amid sagging demand.
Exxon Mobil Corp., the largest U.S. energy company, fell 2.3 percent to $66.56. Chevron Corp., the nations second- biggest oil company, retreated 2.3 percent to $62.70.
Energy Futures Hearings
Intercontinental Exchange Inc., the second-largest U.S. futures market, fell 11 percent to $98.03. CME Group Inc., the worlds largest, dropped 5.1 percent to $282.06. The Commodity Futures Trading Commission will hold hearings this month and next to explore the need for government-imposed restrictions on speculative trading in oil, gas and other energy markets, Chairman Gary Gensler said today in a statement.
Discover Financial Services slumped 11 percent to $9.37. The credit-card company that got $1.2 billion from the U.S. plans to sell stock to raise funds for its bank or to buy back some of the governments stake.
U.S. companies created new equity at the fastest pace on record during the second quarter, causing future earnings to be divided among a larger number of shares. There were 190 share offerings by already-public companies, raising $91.2 billion.
Weyerhaeuser Co. fell 7.1 percent to $27.86. The largest U.S. lumber producer lowered its quarterly dividend to 5 cents a share from 25 cents.
Dividends Slash
There have been 66 dividend cuts or suspensions by S&P 500 companies this year, according to Howard Silverblatt, senior index analyst at S&P. The indexs second-quarter payout fell 23.4 percent from a year earlier, the biggest decline in 40 years, he said.
American International Group Inc. fell the most in the S&P 500, dropping 15 percent to $13.75. The New York-based insurer that was taken over by the government last year extended its plunge since trustees approved a 1-for-20 reverse stock split last week.
Aetna Inc., Cigna Corp. and UnitedHealth Group Inc. led health insurers in the S&P 500 to a 4.2 percent advance on a report the Obama administration wont necessarily establish a government-run plan to compete with managed-care companies.
The Wall Street Journal reported White House Chief of Staff Rahm Emanuel said the goal of increased competition is whats non-negotiable, not the means, the paper said.
KeyCorp Gains
KeyCorp rose 4.1 percent to $5.29. Ohios second-largest bank was upgraded to outperform from market perform at Keefe, Bruyette & Woods Inc., which said the lenders strong capital levels should be a cushion against higher commercial real-estate and construction losses.
MetroPCS Communications Inc., the mobile-phone company that replaced Tyco Electronics Ltd. in the S&P 500 on June 29, climbed after falling to a seven-month low yesterday. UBS AG said the decline was overdone. The shares rose 3.4 percent to $12.17.
Alcoa added 1.6 percent to $9.41, the biggest gain in the Dow Jones Industrial Average. Chief Executive Officer Klaus Kleinfeld said in a Bloomberg Television interview from Moscow that hes very optimistic on sales as the Chinese economy and U.S. industries including automaking start to recover.
The S&P 500 may retreat during the two-month second-quarter earnings season, according to Schaeffers Investment Research. The benchmark indexs drop below 882.88 points may signal a slide to about 820, completing a so-called head-and-shoulders pattern, said Ryan Detrick, the senior technical analyst at Schaeffers.
To contact the reporters on this story: Rita Nazareth in New York at rnazareth@bloomberg.net; To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net
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