U.S. stocks took developments in the European crisis in stride today, as major market indexes were little changed. Just after 1 p.m. ET, the Dow Jones Industrials (INDEX: ^DJI) were up 17 points to 12,377, while the S&P 500 rose just one point to 1,279. Even the resignation of the Swiss National Bank's chairman in connection with a currency scandal wasn't enough to send the markets running for cover.
The biggest winner in the Dow was Alcoa (NYSE: AA), which was up more than 2% to $9.37. The stock, which traditionally opens the quarterly earnings season, is set to release earnings after the market's close this afternoon. Analyst estimates peg the aluminum maker to lose $0.02 per share in the quarter that ended Dec. 31 on sales of $5.74 billion, reversing a year-ago profit of $0.21 per share.
On the losing side of the market was Microsoft, which fell more than 1% to $27.79. The pause comes after the stock gained more than 8% during the first trading week of 2012, as the company expects partner Nokia (NYSE: NOK) to unveil a new Windows Phone at the International Consumer Electronics Show this week. Microsoft doesn't report its fiscal second-quarter earnings until next week, but the software giant is expected to match last year's profit of $0.77 per share.
Outside the Dow, Inhibitex (Nasdaq: INHX) soared on reports that Bristol-Myers Squibb (NYSE: BMY) would buy out the hepatitis C drug developer for $2.5 billion, or $26 per share. Inhibitex jumped nearly $14 to $23.80 in early-afternoon trading, as the buyout offer put a premium of about 160% over Friday's close.
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