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Stocks End Little Changed After Choppy Trading Day

Jeremy Glaser

U.S. Market
Stocks ended little changed today in choppy trading as global growth worries and sliding oil prices continued to be in focus.

Oil futures fell for the fourth straight session today with WTI oil moving below $28 a barrel again.

Wholesale inventories fell by 0.1% in December from the previous month. The third-straight monthly decline is a sign that firms are cutting back on inventory levels in the face of lower sales.

At market close the Dow and S&P 500 were each off 0.1% while the Nasdaq was down 0.4%.

Stocks on the Move
 Coca-Cola (KO) reported better-than-expected results this morning. The firm said beverage volume was up 3% in the quarter and the frim was also to raise prices. Overall revenue was down 8% year-over-year due to fewer selling days and foreign currency headwinds. Management also said it would complete its effort to refranchise its bottling operations three years earlier than expected. Shares were up 1.5% on the report.

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Shares of Viacom (VIAB) slipped over 20% today after the media firm reported disappointing results. Earnings of $1.13 per share were down from $1.20 per share in the year-ago quarter and short of the $1.18 per share expected by economists. Weakness was widespread across Viacom’s film and cable businesses.

CVS Health (CVS) posted results that were in line with expectations, but provided guidance that was below views this morning. The pharmacy business propelled earnings up to $1.34 per share up from $1.14 a share in the year-ago-quarter. Shares rose 1% on the day.

Fox (FOX) posted a weak fiscal second quarter, as both revenue and EBITDA came in slightly below our projections. The firm lowered fiscal 2016 guidance as a result of ongoing foreign exchange headwinds. Excluding the sold DBS business, quarterly revenue of $7.64 billion was flat versus a year ago and 3.5% below our estimate, as television growth (up 5%) was more than offset by declines at filmed entertainment (down 14%). Shares were off 1.3% at market close.