BUZZ-U.S. STOCKS ON THE MOVE-Tesla, United Tech, IBM, Caesars

Tue Jul 21, 2015 9:48am EDT
 
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(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks opened lower on Tuesday as the dollar remained at a three-month high and ahead of a host of earnings from technology giants including Apple, Microsoft and Yahoo . The Dow Jones industrial average was down 0.63 percent at 17,986.6, the S&P 500 was down 0.04 percent at 2,127.43 and the Nasdaq Composite was up 0.03 percent at 5,220.351.

** TESLA MOTORS INC, $271.44, -3.83 pct

Analysts at UBS downgradSe the third rating cut on Tesla this month (Deutsche Bank and StarMine 4-star ranked Pacific Crest earlier). UBS says energy storage business cheered on by investors and is unlikely to live up to expectations. Meanwhile theinformation.com blog writes about cash burn at Tesla, adding the company might have to raise funds again (link: bit.ly/1TNLQgu).

** UNITED TECHNOLOGIES CORP, $104.11, -5.77 pct

The company which agreed on Monday to sell its Sikorsky helicopter business, cut its full-year profit outlook on Tuesday as it warned of pressures in its aerospace systems and Otis elevators businesses.

** INTERNATIONAL BUSINESS MACHINES CORP, $164.62, -4.96 pct

The technology services company's revenue fell for the 13th consecutive quarter and missed the average analyst estimate, as it continued to shed low-margin businesses and the strong dollar weighed on Big Blue's results.   Continued...