Quantcast
Latest Stories

P&G, AT&T pull Dow lower – Lead



Specialist Michael Pistillo, right, works on the floor of the New York Stock Exchange Wednesday, April 24, 2013. Sharp earnings-related falls in AT&T and Procter & Gamble pulled the Dow lower Wednesday while the other main indices closed flat. AP PHOTO/RICHARD DREW

NEW YORK—Sharp earnings-related falls in AT&T and Procter & Gamble pulled the Dow lower Wednesday while the other main indices closed flat.

The Dow Jones Industrial Average dropped 43.16 points (0.29 percent) to 14,676.30.

The broad-based S&P 500 was essentially flat at 1,578.79, while the Nasdaq Composite Index added 0.32 (0.01 percent) to 3,269.65.

Dow component AT&T sank 5 percent after profit margins in both the wireline and wireless businesses came in lower than expected in its first quarter earnings report. Citigroup slashed its recommendation to “neutral” citing slower expected revenue growth in 2013.

Consumer goods giant Procter and Gamble, another Dow member, reported higher quarterly profits, but fell 5.9 percent after revenue figures disappointed. A Morgan Stanley note rued the poor “quality” of the results, citing weak organic sales growth.

Other blue-chip losers included Cisco (down 2.5 percent) and Walmart (down 1.3 percent).

Among those gaining were Alcoa (up 3.6 percent), Microsoft (up 3.8 percent) and General Electric (up 2.1 percent).

Technology giant Apple took an erratic trajectory, rising and falling throughout the day on the heels of its first drop in quarterly earnings in nearly 10 years.

But that was mitigated by plans to double to $100 billion by 2015 the sum it spends on buybacks and dividends.

Apple shares traded between $392.50 and $415.25, before settling at $405.46, down 0.2 percent.

Auto giant Ford dipped 0.2 percent despite reporting stronger profits due to growth in North America. But the company’s European division turned in another loss.

Boeing jumped 3 percent after besting analyst expectations by a wide margin. The company said the retrofitting costs of resolving the battery problems on the grounded 787 aircraft would have only a minor impact on financials.

Yum! Brands, the parent of Taco Bell and other fast food franchises, gained 7 percent after net income bested expectations by a wide margin.

Bond prices were unchanged. The yield on the 10-year Treasury held flat at 1.70 percent the same level as Tuesday, while the 30-year bond also remained at 2.89 percent. Bond prices and yields move inversely.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: close , stocks , US



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Henares on Pacquiao bashing: I did not start this
  • Drilon, Nancy Binay urge Filipinos to strengthen faith
  • ‘Yolanda’ toll now at 6,300 – NDRRMC
  • ‘Mom, I love you,’ says text from student on sinking ferry
  • Moderate earthquake jolts southern Iran
  • Sports

  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Durant has 42, Thunder beat Pistons 112-111
  • Walker leads Bobcats over Bulls in OT, 91-86
  • Man City slips further out of title contention
  • Lifestyle

  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • Entertainment

  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • Business

  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • Technology

  • Netizens seething in anger over Aquino ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Marketplace