(Updated from 5:31 p.m. ET)
Stocks fell across the board, bringing the major indices to their lowest levels since mid-April, as investors braced for a rough-and-tumble second-quarter earnings season.
In another low-volume session, the
Dow Jones Industrial Average fell 123.76 points, or 1.2%, to 10,175.64, while the
Nasdaq Composite shed 64 points, or 3.2%, to 1962.79. The
S&P 500 lost 17.26 points, or 1.4%, to 1181.52.
was a lack of bids in the marketplace," said Sam Ginzburg, senior managing director of trading at
. "People are really worried about earnings."
A crushing business outlook from
flattened technology stocks today. The fiber-optics company confirmed that results for the second quarter would top estimates, but it said numbers for the rest of the year would falter. "This market downturn could last 12 to 18 months," the company said in a statement.
Corning fell 98 cents, or 6.5%, to $14.12, and the
Nasdaq Telecommunications Index
shed 3.1%. In addition, Corning said it would
cut 1,000 jobs, close three plants, and record $5.1 billion in charges.
-- two of the largest components on the Dow -- were the biggest drags on the blue-chip index. 3M, which warned about its second quarter earlier this month, fell $3.20 to $111.65. IBM lost $2.76 to $101.96.
"People were burned by the EMC
warning on Thursday and are concerned about IBM," said David Memmott, head of listed trading at
IBM hasn't offered any cautious comments about its quarterly results. But shortly after the closing bell today, one of its competitors did.
lowered its revenue forecast, citing price competition and a slowdown in the PC industry.
Also today, more retailers said they would
miss earnings targets.
Linens 'n Things
and youth apparel chain
each forecast weaker-than-expected second-quarter and full-year earnings.
Oil stocks were down, with the
American Stock Exchange Oil & Gas Index
losing 1.1%, but
was a notable exception. Triton jumped 48.6% to $44.43 on news
would acquire the company for $45 a share.
also moved higher again today. The company's board said it would consider
unsolicited bid for its cable unit, but the company said it wasn't likely to accept the current $41.4 billion offer. AT&T gained $1.94 to $20.64.
Back to top
Back to top