It's a bit of a feast-or-famine day on Wall Street as earnings drive stocks today, but even big movers haven't stirred the markets as a whole. The Dow Jones Industrial Average (DJINDICES: ^DJI ) is up just 0.11% as of 3:20 p.m. EST, and the S&P 500 (SNPINDEX: ^GSPC ) is flat.
Intel's (NASDAQ: INTC ) shares have tanked 6.7% today after the company reported earnings last night. Earnings per share of $0.48 beat estimates by $0.03, and revenue of $13.5 billion was in line with estimates, but investors are still worried about the future. Intel didn't have any bullish remarks about the state of the PC market, and it is planning to increase capital spending to $13 billion next year from $11 billion this year -- a bit of a shock to investors. The increase in spending has investors worried that Intel won't keep up its lofty 4.1% dividend yield, especially if it can't quickly make big inroads into smartphones and tablets.
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American Express (NYSE: AXP ) is having a rough time, too, although it's only down 2% on the day. The company reported net income of $637 million, or $0.56 per share -- just more than half of the $1.2 billion it earned in the fourth quarter of last year. On the plus side, spending by American Express cardholders did increase 8% in the quarter.
It wasn't all bad news on the earnings front today. General Electric's (NYSE: GE ) earnings rose 8% to $4 billion in the fourth quarter, and the stock is up 3.3% today. GE beat revenue and earnings estimates and also showed strong growth in the aviation and health care markets.
These big moves have essentially canceled each other out, leaving the Dow and the S&P flat.