Alcoa, DuPont, HP: Dow Movers
NEW YORK (
) -- Stocks dropped Friday as the fate
of a Greek bailout remained in question
.
The
Dow Jones Industrial Average
fell 89.23 points, or 0.69%, to 12,801.23. The
S&P 500
lost 9.31 points to 1,342.64 and the
Nasdaq Composite
declined 23.35 points to 2,903.88.
Breadth within the Dow was overwhelmingly negative with 29 of the 30 components posting losses.
Home Depot
(HD) - Get Report
posted a gain of 6 cents to end Friday at $45.33.
The biggest percentage decliners were
Alcoa
(AA) - Get Report
,
DuPont
(DD) - Get Report
and
HP
(HPQ) - Get Report
.
Shares of Alcoa dropped 2.63% to $10.36. Excess capacity in aluminum smelting will drag on for years to come, according to a
Reuters
article. The article noted how
Rio Tinto
acknowledged a gloomy outlook for the sector this week, when it slashed the book value of its Alcan unit by $9 billion.
Reuters
also said that companies such as Alcoa already have cut capacity but more cuts are needed.
TheStreet Ratings
gives Alcoa a
with a hold rating.
DuPont shares fell 1.75% to $51.15. The chemical company is trying to sell its car paint business, which could get about $4 billion, according to
Reuters
which cited "sources familiar with the matter."
DuPont goes
ex-dividend Monday
; investors had to purchase shares Friday to qualify for the next dividend payment.
DuPont gets a B grade from
TheStreet Ratings
with a buy rating and
price target.
Shares of HP dropped 1.41% to $28.70.
TheStreet Ratings
gives HP a
and hold rating.
--
Written by Alexandra Zendrian in New York
.
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