“Earnings will be the driver of the market coming up,” said John Augustine, who helps manage $25 billion as chief market strategist at Cincinnati-based Fifth Third Bancorp. “It was a good start for Alcoa. I don’t expect the rest of the earnings season to surprise to the upside.”
Research In Motion Ltd. (RIM) fell 5 percent to $7.29 as Chief Executive Officer Thorsten Heins struggled to reassure shareholders who gathered today at the company’s annual meeting. RIM has failed to keep up with Apple Inc. and Google Inc., and the release of its new BlackBerry 10 operating system — a linchpin of its comeback plan — has been delayed twice.
J.C. Penney Co. (JCP) dropped 5.8 percent to $20.76. The company, which hired Apple Inc.’s retail chief to reinvent its strategy, fell after a Credit Suisse AG analyst said “poor messaging” and a slower consumer environment will impact the company’s second quarter.
MBIA Inc. (MBI) plunged 9 percent to $9.66. The bond insurer said a regulator hasn’t decided whether to allow a unit that backed soured mortgage debt to make an interest payment on notes.