Dow Jones Industrial Average was bouncing back in afternoon trading. It was lately off 79 to 10,709. It had traded as low as 10,574 earlier this afternoon.
Nasdaq was lately up 37 to 3902, fighting back from earlier losses.
The Dow was earlier getting socked 178 to 10,611, with damage coming from a host of components. The worst performer was
, which was falling 4.5% and stripping 27 points off the blue-chip average.
Concerns about soaring oil prices and a weak euro have got the market on edge and investors have made it clear they are in no mood for more bad news, especially of the
profit warnings kind.
was falling 8.7% to $22.88 after warning last night it sees lower-than-expected third-quarter earnings because of lower operating profits for its air freight unit.
was serving as one of the Dow's few sources of upside, rising 4.1% on news that it raised its fiscal 2000 free cash flow estimate to more than $4 billion. TheStreet.com wrote a separate story on
Meanwhile chemical company
was somehow avoiding a beating, lately up 6 cents to $19.75, despite saying its third-quarter and full-year earnings would fall short of previous estimates because of rising raw material costs and the strong U.S. dollar.
set a revenue goal of $3 billion in 2005, implying a revenue growth rate of about 50% annually over the next 5 years. The stock was lately up 6.6%.
wrote about the growth targets in a separate
Elsewhere, the broad
S&P 500 was falling 21 to 1439, while the small-cap
Russell 2000 was shedding 4 to 519.
gave life to the recently beaten down financials, after posting third-quarter earnings of $3.37 a share, beating the 10-analyst estimate of $2.75 a share and up from the year-ago report of $2.20 a share. The good news was outweighed by the weight of financials and the stock was lately down 1.9%.
wrote about Lehman's earnings in a separate
American Stock Exchange Broker/Dealer Index
was down 1.3%.
was punished 17% after it cautioned investors after last night's close that it would report a third-quarter loss between 5 cents to 8 cents a share, missing the five-analyst estimate of a 2-cent profit. The company also warned that it would post break-even results in the fourth quarter, which likewise comes in below the five analyst estimate of a 6-cent profit.
wasn't looking pretty, after
cut its first-quarter and fiscal 2001 top-line growth estimates. In a research note, analyst Heather Hay said the revisions were a result of weakness in the euro and other currencies. It was lately down an ugly 7.5%
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TheStreet.com Internet Index
was 1.6% lower, with
American Stock Exchange Oil & Gas Index
was down 0.6%, as the government mulls tapping into U.S. oil reserves to possibly lower the steep price of oil.
was down slightly and
was posting a modest gain.
Philadelphia Stock Exchange Oil Services Index
was beginning to slip, lately down 1.8% wiith
In keeping with the recent whiplash action, semiconductor stocks were taking it on the chin after a hot streak yesterday, which left them up 8% yesterday. Lately the
Philadelphia Stock Exchange Semiconductor Index
was falling 1.5%.
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Bond prices are falling as oil has resumed its record-setting climb. Continuing the recent trend, long-term yields are rising more than short-term ones, indicating that bond investors are worried about faster inflation as a result of rising energy prices.
With oil trading over $37.50 a barrel for the first time in 10 years, the benchmark 10-year Treasury note lately was down 2/32 to 99 6/32, increasing its yield to 5.86%. The 30-year bond was down 17/32 to 104 8/32, yielding 5.94%.
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