Why the Dow Is Down This Morning

The Dow Jones Industrial Average (INDEX: ^DJI  ) is falling for the second day in a row as Europe failed to make much headway on the Greek debt talks and as five Dow components reported earnings. At 10 a.m. EST, the Dow was down 80 points to 12,629.

McDonald's (NYSE: MCD  ) reported strong earnings this morning. Earnings per share were up 15% to $1.33, above analyst expectations of $1.30 per share. Revenue was $6.82 billion, slightly above analyst expectations of $6.81 billion. However, in early trading McDonald's is down 1.7%.

DuPont (NYSE: DD  ) reported mild earnings before the market opened, with earnings basically flat at $0.40 per share, $0.35 excluding special items. This was above analysts' expectation of $0.33 per share; revenue was $8.77 billion versus expectations of $8.5 billion. In early trading, DuPont is down 0.9%.

Johnson & Johnson's (NYSE: JNJ  ) earnings were down 89% to $0.08 per share. However, excluding one-time items, earnings per share would have been $1.13, above analysts' expectations of $1.09. Revenue was $16.3 billion, slightly above analyst expectations of $16.27 billion. The stock is up 0.3% in early trading.

Travelers' earnings were $1.51 per share, below analyst expectations of $1.53. Revenue was $6.4 billion, above analyst expectations of $5.47 billion. Shares were down 2.1% in early trading

Verizon (NYSE: VZ  ) reported a loss of $0.71 per share. Excluding $1.20 of severance, pension, and benefit costs, EPS were $0.51, slightly below analyst expectations of $0.53. Revenue was up nearly 8% to $28.4 billion, in line with expectations. Verizon is down 2.1% in early trading.

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