Stocks: Earnings come to the fore

February 5, 2013: 8:42 AM ET
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NEW YORK (CNNMoney)

Corporate earnings are back in focus Tuesday.

A day after a massive sell-off, U.S. stock futures were slightly higher.

BP (BP) kicked off the day with results noting the company paid out billions in fines to the U.S. government, yet shares rose more than 1% in premarket trading.

UBS (UBS), meanwhile, posted a $2 billion loss driven by Libor fines. The Swiss banking giant also reported it is capping its largest bonuses at $1.1 million, half the previous cap. Shares fell nearly 1%.

Disney (DIS) and Zynga (ZNGA) are on tap to report after the closing bell.

On the economic docket, the Institute for Supply Management will release its monthly services sector index at 10 a.m. ET.

Related: Fear & Greed easing but still in extreme greed

U.S. stocks sank Monday, with the Dow retreating from the 14,000 milestone as concerns about European politics -- namely, corruption allegations against the Spanish prime minister and a banking scandal in Italy -- weighed on the market.

Related: Individual investors still nervous

Shares of Yum! Brands (YUM) sank 7% in premarket trading Tuesday, a day after the restaurant operator said it expected earnings to fall in 2013 based on its recent struggles in China.

Boeing (BA), whose 787 Dreamliner battery problems have caused shares to drop 5% this year, hopes the Federal Aviation Administration will allow Dreamliner test flights to find the source of the aircraft's issues.

Shares of Dell (DELL) were up 1% on reports that the computer maker's plans to take the company private could start as early as today.

Mastercard (MA) shares rose more than 1% after the company announced it will start a new stock repurchase program and double its quarterly cash dividends to 60 cents per share.

Shares of J.C. Penney (JCP) were down close to 5% following a legal move by the department store chain. The company filed a lawsuit to protect itself from having nearly $3 billion in debt come due in the next few months.

Baidu (BIDU) shares also tumbled nearly 7% on analysts' worries about the company's rising costs.

European markets were higher in morning trading, stabilizing after Monday's slide. UK cable operator Virgin Media's (VMED) shares were 13.7% higher after the company confirmed a possible bid from Liberty Global (LBTYA).

Asian markets ended mixed. The Shanghai Composite added 0.2%, while the Nikkei dropped 1.9% and the Hang Seng declined 2.3%.

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Dow 16,979.13 59.54 0.35%
Nasdaq 4,526.48 -1.03 -0.02%
S&P 500 1,986.51 4.91 0.25%
Treasuries 2.43 0.00 0.00%
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Company Price Change % Change
Bank of America Corp... 15.52 0.07 0.45%
Apple Inc 100.57 0.04 0.04%
General Electric Co 26.36 0.31 1.19%
Intel Corp 34.50 0.16 0.47%
Staples Inc 11.32 0.00 0.00%
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