Wall Street Trades With Losses

Updated from 9:42 a.m. EST

Traders of U.S. stocks were taking profits Wednesday morning after the market logged impressive gains during the previous session. Investors were also sizing up their prospects following Sen. Barack Obama's victory in Tuesday's presidential election.

The Dow Jones Industrial Average was shedding 86 points at 9540, and the S&P 500 was lower by 6.9 points at 999. The Nasdaq dropped 19 points to 1762.

Ahead of Wednesday's session, several corporate headlines were detracting from buying sentiment. Aircraft maker Boeing (BA Quote) announced that its 787 Dreamliner program was suffering delays because it needs to replace improperly attached fasteners on the new jets.

In the technology space, Internet company Google (GOOG Quote) announced on its blog that it would end an advertising agreement with fellow Web portal Yahoo! (YHOO Quote). Google cited government regulators' and some advertisers' concern about the agreement as reason for the termination.

As for financial firms, GMAC, jointly owned by Cerberus Capital and General Motors (GM Quote), reported a widened third-quarter loss due to setbacks in its mortgage business.

Homebuilder KB Home (KBH Quote), meanwhile, cut its quarterly dividend 75%, citing a goal of maintaining a strong financial position.

Another day brought additional earnings statements. Time Warner (TWX Quote) reported a slight drop in third-quarter earnings and reduced its 2008 earnings forecasts because of additional restructuring it expects to incur.

Bond insurer Ambac (ABK Quote) reported a third-quarter loss that was substantially wider than a year ago. A bit later Wednesday, fellow insurer MBIA (MBI Quote) is expected to report.

Steel maker ArcelorMittal (MT Quote) announced earnings that increased 29% and said it would reduce production for the fourth quarter thanks to an economic downturn.