Market Wrap: Alcoa Kicks-Off Q4 Madness!; AT&T's Record Sales; Clearwire Back in Play; AIG vs. U.S.?

January 8, 2013 5:32 PM EST
Market wrap-up for January 8th

End of the Day: S&P 500 down 4.7 to 1,457.15; Dow Jones down 55.4 to 13,328.85; Nasdaq down 7.0 to 3,091.81

The following is a brief summary of events moving markets today:

* Alcoa (NYSE: AA) gave investors just what they had been waiting for: the unofficial kick-off to the fourth-quarter 2012 earnings season. Following the close of trading on Tuesday, Alcoa reported a two percent drop in revs to $5.9 billion and adjusted earnings of six cents per share. The consensus was looking for revs of $5.6 billion and earnings of six cents per share.

For more on the numbers, click here.

* AT&T (NYSE: T) announced it sold a record 10 million smartphone units in the quarter, besting its prior record by about 600,000 units. Leading the gains were Apple and Google, no surprise there. For more color on the data, click here.

* Sears Holdings (Nasdaq: SHLD) announced that Chief Executive Officer Louis J. D'Ambrosio would step down due to "family health matters." Chairman Edward Lampert is stepping in to take over the role. For more color, click here.

* Monsanto Co. (NYSE: MON) had a pretty solid first-quarter 2013 report. Revs of $2.94 billion and EPS of 62 cents beat consensus views calling for revs of $2.64 billion and EPS of 37 cents. For more on the numbers, click here.

* American International Group (NYSE: AIG) will mull whether or not to join a shareholder lawsuit against the constitutionality of the bailout it received in 2008. On one hand, joining the effort is extremely bad PR. On the other, former CEO Hank Greenberg might sue the company if it doesn't join. For more color, click here.

* Clearwire (Nasdaq: CLWR) shareholders got a pleasant surprise as DISH Networks (Nasdaq: DISH) came in with an unsolicited $3.30 per share takeover proposal for the company. The bid is an 11 percent premium to the $2.97 per share offer submitted by Sprint (NYSE: S) for the rest of Clearwire. For more color, click here.

* Boeing (NYSE: BA) shares ended the session lower once again today on reports that there was a second 787 Dreamliner incident today. The event happened at Logan International in Boston. Reports had the aircraft leaking fuel from a wing and no one was reported injured in the event. For more color, click here.

* Hugo Chavez, president of Venezuela, will miss a scheduled swearing-in ceremony on January 10th, saying his doctors would not allow him to attend. Chavez is currently battling cancer, having recently gone in for a fourth round of surgeries.

* Earlier reports had Apple, Inc. (Nasdaq: AAPL) working on a lower-cost iPhone to tap further into emerging markets. The WSJ affirmed speculation with its own headlines after the close of the market. Despite Apple still having strong sales with its bread-and-butter offerings, the company may be looking to make adjustments as it aims to keep growth on track. Whether margins on the rumored iPhones end up being comparable to current levels is pure speculation; there are plenty of components out on the market that would do a good job of mimicking the Apple experience, but Apple ultimately has to decide if sacrificing quality is in the game plan.

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