Facebook and UPS Lead Stocks Lowerhttp://www.fool.com/investing/general/2013/01/31/facebook-and-ups-lead-stocks-lower.aspx John Maxfield
January 31, 2013
Stocks are generally lower today after social-media giant Facebook (NASDAQ: FB) and shipping company UPS (NYSE: UPS) reported disappointing earnings for the final three months of last year. With roughly an hour left in the trading session, the Dow Jones Industrial Average is off by 11 points, or 0.08%. The S&P 500 sits less than a point above where it started the day.
Facebook heads lower
Despite a 40% increase in revenue, the company's net income plunged 79% as operating expenses surged by 82%. Excluding certain items, Facebook earned $0.17 per share compared to the consensus estimate of $0.15 per share.
CEO Mark Zuckerberg was nevertheless undeterred in his plan to invest in growth. Among other things, he pointed to the company's gains in the mobile space, saying: "Today there's no argument. Facebook is a mobile company." He then went on to note:
Despite the fact that shares in the company are down, many analy