US equities were higher on Monday as investors prepare for earnings season to begin this evening. Alcoa (NYSE:AA) is prepared to start off the season after the close of trading today with analysts expecting earnings of six cents per share on revenue of $5.85 billion. The technology sector dragged following unfavorable reports on both Intel (NASDAQ:INTC) and Qualcomm (NASDAQ:QCOM). Both tech giants face an uphill battle as smartphones are already saturating the markets and PCs are dwindling in importance.
In other notable corporate news today, AOL (AOL) announced that its Board of Directors had approved an additional $150 million of share repurchases and American Realty Capital (ARCP) is one step closer to acquiring CapLease (LSE) after the "go shop" period concluded without any interested parties stepping forward.
Tomorrow, we'll see earnings from Magnum Hunter Resources (MHR) and Wolverine World Wide (NYSE:WWW).
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