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NEW YORK (AP) — The earnings rally of the last two weeks has finally lost some luster. The parade of stronger-than-expected reports slowed Tuesday after several companies reported weak earnings.
Pfizer Inc., Clorox Co., Molson Coors Brewing Co. and Beazer Homes USA Inc. all fell after releasing results. Pfizer's shares slid 2 percent after the company reduced its revenue forecast for 2011. It fell the most out of all 30 stocks that make up the Dow Jones industrial average.
Clorox and Molson Coors each fell about 4 percent after they reported lower net income than the same period last year. The consumer goods maker and beverage company both blamed higher costs for raw materials for the decline.
Beazer Homes slipped 2 percent. The homebuilder reported a larger-than-expected loss because orders for new homes fell, reflecting continued weakness in the housing industry.
Avon Products Inc. — buoyed by growth in Latin America — had some of the biggest gains in the Standard & Poor's 500 index, rising 6 percent. The cosmetics company said its earnings more than tripled.
The Dow Jones industrial average rose 17 points, or 0.1 percent, to 12,825 in early trading.
The S&P 500 fell a point, or 0.1 percent, to 1,360. The Nasdaq composite index fell 4, or 0.2 percent, to 2,860.
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