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Investors and traders are also starting to think about corporate earnings, which begin in earnest next week. While corporate profits have reached record levels, most of the gains have come from cutting costs rather than increasing sales. "We're in the middle of a transition," said Chris Wolfe, chief investment officer at Merrill Lynch Private Banking and Investment Group. "You would expect to see, over the balance of this year and going into next year, somewhat stronger macroeconomic data that translates directly into stronger corporate revenue growth." Alcoa, the first company in the Dow to report earnings, will release its second-quarter results after the market closes July 8. In government bond trading, the yield on the 10-year Treasury note was unchanged at 2.48 percent. In other trading, the price of gold fell $12.30, or 1 percent, to close at $1,243.40 an ounce. Among stocks making big moves: Zynga jumped 20 cents, or 6.5 percent, to $3.27 after the troubled maker of "FarmVille" and other online games said CEO Mark Pincus would step aside. The company's stock is down almost 70 percent since its 2011 initial public offering at $10 per share. Achillion Pharmaceuticals fell $2.10, or 25.1 percent, to $6.26 after the drug developer said regulators Monday placed a hold on an early-stage study involving its potential hepatitis C treatment. DaVita HealthCare Partners fell $7.15, or 5.9 percent, to $114, after the government proposed cutting the rates of Medicare payments to dialysis service providers.
[Associated
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