U.S. markets continued to fall Monday on growing concerns from emerging markets. Last week’s sell-off was triggered a drop in Chinese manufacturing activity, raising fears of a potential slowdown in global economic growth. "The current period of market turmoil may have slower emerging-market growth and the prospect of less accommodative Fed policy at its heart, but it has a lot of regional sub-drivers: China's shadow banking system, politics in Turkey, strikes in South Africa, more politics in Argentina, to name but a few," said Kit Juckes, Global Head of Currency Strategy at Societe Generale. "There are too many fires burning to expect them to all blow out simultaneously."
American Electric Power Company Inc. (NYSE: AEP) shares traded in the range of $46.61 to $47.39 Monday before settling to close at $47.18, an increase of 0.88 percent. The stock appears to be facing some resistance at $48.32 with some support at the $46.98 and $46.09 levels. The company reported GAAP earnings of $346 million or $0.71 per share for the fourth quarter of 2013, compared with $21 million or $0.05 per share a year ago. Shares of American Electric Power have gained approximately 6.0 percent in the past year.
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Caterpillar Inc. (NYSE: CAT) shares traded in the range of $89.07 to $92.31 Monday before settling to close at $91.29, an increase of 5.94 percent. The stock appears to be facing some resistance at the $92.41 and $93.33 levels with some support at $91.09. The company reported revenues of $2.78 billion for 2013, an increase of 3.0 percent when compared to a year ago. Shares of Caterpillar have fallen approximately 4.0 percent in the past year.
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Seagate Technology PLC (NASDAQ: STX) shares traded in the range of $57.87 to $58.87 Monday before settling to close at $58.05, a decrease of 0.89 percent. The stock appears to be facing some resistance at the $58.48 and $60.93 levels with some support at $54.56. The company reported revenues were $3.53 billion for the second quarter of fiscal 2014, a decrease of 4.0 percent when compared to a year ago. Shares of Seagate Technology have gained approximately 55.0 percent in the past year.
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Zions Bancorporation (NASDAQ: ZION) shares traded in the range of $29.80 to $30.54 Monday before settling to close at $29.93, a decrease of 0.99 percent. The stock appears to be facing some resistance at the $30.39 and $31.47 levels with some support at $29.78. The company reported a loss of $41.5 million for the fourth quarter of 2013, compared with a profit of $58.3 million a year ago. Shares of Zions Bancorporation have gained approximately 30.0 percent in the past year.
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