Overseas markets also mostly fell, reacting to China tightening its monetary policy and boosting bank reserve requirements, in addition to the worse-than-expected results from the world's biggest aluminum producer.
As one of the first companies in the Standard & Poor's 500 index to report quarterly results, Alcoa's earnings are often seen as a barometer for how companies will fare.
After the market closed Monday, Alcoa said it earned a penny a share excluding one-time items and special charges. Analysts polled by Thomson Reuters, on average, forecast earnings of 6 cents per share.
The company said higher metal prices were offset by ongoing weakness in aerospace, construction and gas turbines businesses.
Revenue also fell at Alcoa. Investors will be tracking revenue as companies report earnings over the next few weeks for any signs that customers are returning to the marketplace. Upbeat earnings in recent quarters have often been due to cost cutting and not revenue growth.
However, a strong economic recovery is dependent on a rebound in consumer and corporate spending, which would result in improving revenue.
Video game publisher Electronic Arts Inc. did not see a rebound in sales during the most recent quarter. It slashed its full-year earnings forecast after the market closed Monday, saying ongoing weakness in game sales didn't ease up over the holidays.
In morning trading, the Dow Jones industrial average fell 54.03, or 0.5 percent, to 10,609.96. The Standard & Poor's 500 index fell 7.25, or 0.6 percent, to 1,139.73, while the Nasdaq composite index fell 14.75, or 0.6 percent, to 2,297.66.
Alcoa shares fell $1.26, or 7.2 percent, to $16.19. Electronic Arts shares declined $1.63, or 8.9 percent, to $16.64.
Yesterday’s Top Performing Small Cap stocks:
Budget Center Inc. (Pink Sheets: BDGN) was a SmallCapVoice.com top performer yesterday closing up over 18% on trading volume of 13,132 shares
Budget Center Inc. announce that the Company’s owned travel website www.budgethotels.com has signed a formal “white paper affiliate” agreement with Hotels Combined Pty Ltd. of Sydney, Australia.
As a result of this agreement, the Company launched its new online travel website www.budgethotels.com on Dec. 27, 2009 in partnership with industry giant www.HotelsCombined.com. The travel website now has the ability to connect users with more than 900,000 global hotel deals from over 30 merchants, delivering the “Budget” brand to thousands of customers worldwide. Travel enthusiasts from all over the world will now be able to find the best travel deals delivered in 14 languages and 118 currencies.
Budget Center currently ranks #1 on Google search for its travel website www.budgethotels.com. TravelMole, the online community for the travel and tourist industry, recently reported that “Consumers are expected to embrace thrift for the long term and operators need to adapt to this.”
QuoteMedia, Inc. (OTC BB: QMCI) was a SmallCapVoice.com top performer yesterday closing up over 30% on trading volume of 23,844 shares.
QuoteMedia is a leading software developer and syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, SEC filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the NASDAQ, the OTCBB, Dow Jones & Company, Sungard, Wells Fargo, Penson Worldwide, Motorola, General Electric, Forbes.com, Scotia Capital, Southwest Securities, Zecco Trading, Zacks Investment Research, Business Wire, Regal Securities, Broadridge Financial Systems, ChoiceTrade, Qtrade Financial Group, CNW Group, TradeFreedom, Questrade, Schaeffer's Investment Research and others.
Today’s SmallCapVoice.com Hot Stock to Watch:
Biomedical Technology Solutions Holdings, Inc. (OTCBB: BMTL)
According to several recent reports, the current economic downturn is creating a lasting return to online travel sites focused on budget-conscious consumers looking for bargains.
Although overall travel spending contracted with the economy in 2009, a report by Forrester Research indicates that travel spending is expected to rebound starting in 2010 and continuing upward through 2013. And online travel may lead the way. Online leisure and business travel spending is expected to increase from 2008 levels of $111 billion to $158 billion by 2013.
This trend bodes well for companies such as Budget Center Inc., which has commenced the development of its "budget" category domain network in the online travel and related industries. This includes the development of highly relevant and valuable "budget" brand domains such as budgetairlines.com, budgethotels.com, budgetresorts.com, budgetravel.com, budgetskiing.com, budgetadventures.com, budgetentertainment.com, and budgetcharters.com.
In a New Audio Interview at SmallCapVoice.com, Don Cox, President and CEO of BMTS, Provides a Significant Progress Report. The interview can be heard at http://smallcapvoice.com/blog/1-11-10-audio-interview-with-biomedical-technology-solutions-holdings-inc-otcbb-bmtl/.
“2009 was a great development year for BMTS allowing us to set the ground work for a strong 2010, I am extremely excited for our future and the year ahead of us,” said Don Cox, President and CEO.
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