U.S. Stocks Little Changed as Investors Watch Earnings (Bloomberg)
U.S. stocks were little changed, with benchmark indexes trading near seven-week lows, as Americans signed fewer contracts than forecast to purchase previously owned homes and investors monitored earnings. “The market is trying to digest a lot of reports,” said Walter Todd, who oversees about $940 million as chief investment officer of Greenwood Capital in Greenwood “For this earnings season, while expectations were fairly low, certain names are turning out to be worse than expected.”
Apple’s Online Radio Service to Challenge Pandora in 2013 (Bloomberg)
Apple Inc. (AAPL) and major music labels have intensified negotiations to start an advertising-supported Internet radio service by early next year, according to people with knowledge of the talks. With sales of music downloads slowing, Apple and record companies are seeking new ways for customers to discover and buy digital music. To challenge online radio leader Pandora Media Inc. (P), Apple is seeking licensing pacts with labels that allow more flexibility about what listeners hear.
Amazon Reports Big Quarterly Net Loss (Reuters)
Amazon.com Inc reported a big quarterly net loss on Thursday as the world’s largest Internet retailer spends heavily to expand existing operations and develop new businesses. Amazon said its third-quarter net loss was $274 million, or 60 cents a share, versus net income of $63 million, or 14 cents a share, in the third quarter of 2011.
Apple Profit Misses Estimates on Disappointing IPad Tablet Sales (Bloomberg)
Apple Inc. reported profit that missed analysts’ predictions as customers held off on iPad purchases before the release of a new model. Profit rose to $8.22 billion, or $8.67 a share, in the fiscal fourth quarter, Cupertino, California-based Apple said today in a statement. That compares with $8.3 billion, or $8.75 a share, the average of analysts’ estimates compiled by Bloomberg. The company’s sales and profit forecasts for the current quarter also fell short of predictions.