GE Puts a Stop to Dow String of Records, Rest of Wall Street Falls
A record-breaking streak came to an end with the Dow Jones Industrial Average giving in to General Electric Co.'s (GE) - Get Report worst day in years. The Dow and S AND P both closed lower after five straight days of record finishes.
GE suffered its worst percentage decline since August 2011 after a string of analyst downgrades. Morgan Stanley and UBS each reduced their stock rating, while Cowen cut its price target. On Friday, GE reported its first earnings miss in two-and-a-half years.
Halliburton Co. (HAL) - Get Report declined even after topping profit and sales estimates. The oil services and equipment company said its North American business was a point of strength and that its international business "proved resilient" even in tough conditions.
In deal news, Cisco Systems Inc. (CSCO) - Get Report has agreed to acquire BroadSoft Inc. (BSFT) in a purchase worth $1.9 billion. The purchase price values BroadSoft at a 2% premium to its previous close.
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