GRAND KING
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The Wall Street Journal http://online.wsj.com/article/BT-CO-20100519-715299.html?mod=rss_Global_Stocks
-By Donna Kardos Yesalavich, Dow Jones Newswires; 212-416-2188; donna.yesalavich@dowjones.com
NEW YORK (Dow Jones)--U.S. stocks fell Wednesday, led by such industrial companies as Caterpillar, Boeing and 3M as investors worried that the weak euro could hurt the profits of companies that do business in the euro zone. The declines wiped out the Standard & Poor's 500-stock index's gain for the year.
The Dow Jones Industrial Average fell 66.58 points, or 0.63%, to 10444.37. The measure is still up 0.16% for the year. Caterpillar was the Dow's worst performer Wednesday with a drop of 1.75, or 2.8%, to 61.44. Boeing fell 1.51, or 2.2%, to 66.21, and 3M slipped 95 cents, or 1.1%, to 82.54.
The Dow's financial stocks rose as the Senate prepared to vote on whether to end the debate on legislation overhauling U.S. financial regulation. After the market closed, the motion to cut off debate fell short of the 60 votes needed. Bank of America ended with a rise of 36 cents, or 2.3%, to 16.31, while J.P. Morgan advanced 36 cents, or 0.9%, to 39.38.
Hewlett-Packard was also strong, with a gain of 21 cents, or 0.5%, to 47. The company's fiscal second-quarter profit grew 28% on higher worldwide sales and profit growth in its core personal-computer business.
The Nasdaq Composite declined 18.89, or 0.82%, to 2298.37, although it remains in positive territory for 2010 with a year-to-date gain of 1.29%.
The Standard & Poor's 500 fell 5.75, or 0.51%, to 1115.05, and is now essentially flat in 2010. The industrial sector led the S&P 500's declines, while financials rose.
The declines came as investors grew increasingly skeptical that the European Union's nearly $1 trillion bailout plan will be enough to contain the damage of Greece's sovereign-debt woes.
"The markets are very jittery," said John Apruzzese, partner and equity portfolio manager at Evercore Wealth Management. He added that although the euro edged up Wednesday, its overall slide in recent weeks to a four-year low has investors concerned about the ultimate impact on U.S. companies that generate revenues in Europe.
"The euro weakness will impact future profits," Apruzzese said. He noted these companies have in the past found that "a lot of the increase in corporate profits comes from the dollar weakening and then the translation of the foreign profits."
Deere rose 1.71, or 3%, to 58.87. The farm-equipment giant's fiscal second-quarter earnings rose 16% on strong demand for its large farm machinery. Adjusted earnings, excluding a health-care-related charge, rose even more, smashing analysts' forecasts on a surge in margins. The company also raised its current-year earnings forecast.
American depositary shares of Itau Unibanco Holding SA fell 1.06, or 5.5%, to 18.19, after it said Bank of America will sell its entire stake in the Brazilian bank, a deal worth around 8.16 billion Brazilian reals ($4.5 billion). Bank of America now holds a 5.36% stake in Itau Unibanco.
Analog Devices climbed 1.17, or 4.2%, to 28.77. The semiconductor company's fiscal second-quarter profit tripled on higher sales and margins sparked by a strong rebound in the automotive, industrial and consumer markets.
Hormel Foods dropped 1.10, or 2.6%, to 40.68. The food-processing company's fiscal second-quarter earnings fell 3.1% on restructuring and health-care charges although most of its business segments turned in a stronger performance.
Eaton Vance slipped 1.03, or 3.1%, to 32.38. The mutual-fund manager's fiscal second-quarter earnings rose 40% on higher assets under management and fees, but the profit missed analysts' expectations.
BJ's Wholesale Club advanced 1.51, or 4%, to 38.95. The warehouse-club retailer's fiscal first-quarter earnings rose 7.4% on increased sales and membership fees. The company also raised its full-year earnings forecast.
Zions Bancorporation (Nasdaq) fell 1.66, or 6.4%, to 24.42, after the regional bank boosted the size of planned stock sales by $175 million and announced it will sell $150 million of warrants.
Chico's tumbled 2.18, or 15%, to 11.98. The women's apparel retailer's fiscal first-quarter profit more than doubled on a big margin boost and strong sales both online and offline. But the company said it doesn't expect margins to improve as much in the second quarter as they did in the first quarter, due to clearances.
-By Donna Kardos Yesalavich, Dow Jones Newswires; 212-416-2188; donna.yesalavich@dowjones.com
NEW YORK (Dow Jones)--U.S. stocks fell Wednesday, led by such industrial companies as Caterpillar, Boeing and 3M as investors worried that the weak euro could hurt the profits of companies that do business in the euro zone. The declines wiped out the Standard & Poor's 500-stock index's gain for the year.
The Dow Jones Industrial Average fell 66.58 points, or 0.63%, to 10444.37. The measure is still up 0.16% for the year. Caterpillar was the Dow's worst performer Wednesday with a drop of 1.75, or 2.8%, to 61.44. Boeing fell 1.51, or 2.2%, to 66.21, and 3M slipped 95 cents, or 1.1%, to 82.54.
The Dow's financial stocks rose as the Senate prepared to vote on whether to end the debate on legislation overhauling U.S. financial regulation. After the market closed, the motion to cut off debate fell short of the 60 votes needed. Bank of America ended with a rise of 36 cents, or 2.3%, to 16.31, while J.P. Morgan advanced 36 cents, or 0.9%, to 39.38.
Hewlett-Packard was also strong, with a gain of 21 cents, or 0.5%, to 47. The company's fiscal second-quarter profit grew 28% on higher worldwide sales and profit growth in its core personal-computer business.
The Nasdaq Composite declined 18.89, or 0.82%, to 2298.37, although it remains in positive territory for 2010 with a year-to-date gain of 1.29%.
The Standard & Poor's 500 fell 5.75, or 0.51%, to 1115.05, and is now essentially flat in 2010. The industrial sector led the S&P 500's declines, while financials rose.
The declines came as investors grew increasingly skeptical that the European Union's nearly $1 trillion bailout plan will be enough to contain the damage of Greece's sovereign-debt woes.
"The markets are very jittery," said John Apruzzese, partner and equity portfolio manager at Evercore Wealth Management. He added that although the euro edged up Wednesday, its overall slide in recent weeks to a four-year low has investors concerned about the ultimate impact on U.S. companies that generate revenues in Europe.
"The euro weakness will impact future profits," Apruzzese said. He noted these companies have in the past found that "a lot of the increase in corporate profits comes from the dollar weakening and then the translation of the foreign profits."
Deere rose 1.71, or 3%, to 58.87. The farm-equipment giant's fiscal second-quarter earnings rose 16% on strong demand for its large farm machinery. Adjusted earnings, excluding a health-care-related charge, rose even more, smashing analysts' forecasts on a surge in margins. The company also raised its current-year earnings forecast.
American depositary shares of Itau Unibanco Holding SA fell 1.06, or 5.5%, to 18.19, after it said Bank of America will sell its entire stake in the Brazilian bank, a deal worth around 8.16 billion Brazilian reals ($4.5 billion). Bank of America now holds a 5.36% stake in Itau Unibanco.
Analog Devices climbed 1.17, or 4.2%, to 28.77. The semiconductor company's fiscal second-quarter profit tripled on higher sales and margins sparked by a strong rebound in the automotive, industrial and consumer markets.
Hormel Foods dropped 1.10, or 2.6%, to 40.68. The food-processing company's fiscal second-quarter earnings fell 3.1% on restructuring and health-care charges although most of its business segments turned in a stronger performance.
Eaton Vance slipped 1.03, or 3.1%, to 32.38. The mutual-fund manager's fiscal second-quarter earnings rose 40% on higher assets under management and fees, but the profit missed analysts' expectations.
BJ's Wholesale Club advanced 1.51, or 4%, to 38.95. The warehouse-club retailer's fiscal first-quarter earnings rose 7.4% on increased sales and membership fees. The company also raised its full-year earnings forecast.
Zions Bancorporation (Nasdaq) fell 1.66, or 6.4%, to 24.42, after the regional bank boosted the size of planned stock sales by $175 million and announced it will sell $150 million of warrants.
Chico's tumbled 2.18, or 15%, to 11.98. The women's apparel retailer's fiscal first-quarter profit more than doubled on a big margin boost and strong sales both online and offline. But the company said it doesn't expect margins to improve as much in the second quarter as they did in the first quarter, due to clearances.
