US STOCKS-Market edges down after Alcoa disappoints

* Alcoa kicks off earnings but disappoints on revenue

* UBS cuts rating on regional banks

* Dow off 0.1 pct, S&P 500 off 0.4 pct, Nasdaq off 0.2 pct

* For up-to-the-minute market news, click [STXNEWS/US]
(Updates to midday)

By Caroline Valetkevitch

NEW YORK, April 13 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) slipped on
Tuesday as Alcoa Inc’s (AA.N: ) results disappointed investors at
the start of the earnings reporting season, while a drop in oil
prices weighed on the energy sector.

Alcoa late on Monday reported earnings, excluding items, in
line with expectations, but its revenue missed Wall Street’s
estimates, pushing the stock down 2.4 percent to $14.22. Alcoa
is the first Dow component to report first-quarter results.

S&P 500 earnings are seen rising 37.1 percent in the first
quarter from a year earlier, but analysts have cautioned that
much of the positive earnings news may already be priced into
stocks. The S&P 500 index has risen nearly 40 percent over the
past year.

Aluminum company Alcoa may not be a good indicator of other
companies’ performance, said Owen Fitzpatrick, head of U.S.
equity group at Deutsche Bank Private Wealth Management, in New
York.

“I think this is going to be a good earnings season, and
we’ll get further reads on that this week. I think it’s going
to be another quarter where we get close to 70 percent of
companies beating,” Fitzpatrick said.

Helping to limit losses were shares of Google (GOOG.O: ), up
1.7 percent at $582.50. The Internet search company reports
results on Thursday.

The Dow Jones industrial average (.DJI: ) was down 15.27
points, or 0.14 percent, at 10,990.70. The Standard & Poor’s
500 Index (.SPX: ) was down 4.73 points, or 0.40 percent, at
1,191.75. The Nasdaq Composite Index (.IXIC: ) was down 4.43
points, or 0.18 percent, at 2,453.44.

Bank shares also fell as UBS cut its rating on some
regional banks including KeyCorp (KEY.N: ), down 4.3 percent at
$7.98. A regional bank index (.KRX: ) dipped 1.6 percent. For
details, see [ID:nWNAB8039]

Oil was down $1.18 at $83.16 a barrel, while shares of
Exxon Mobil Corp (XOM.N: ) dipped 0.5 percent to $68.37.

After Tuesday’s market close, chipmaker Intel Corp (INTC.O: )
reports earnings. The stock was 0.1 percent higher at $22.56.

Stock Market
(Additional reporting by Chuck Mikolajczak; Editing by
Kenneth Barry)

US STOCKS-Market edges down after Alcoa disappoints