The Dow Jones Industrial Average
Index |
Change |
Ending Value |
---|---|---|
Dow Jones Industrial Average | -82.79 [-0.63%] | 13,032.75 |
Nasdaq | -11.37 [-0.37%] | 3,031.45 |
S&P 500 | -5.64 [-0.41%] | 1,385.14 |
IBM, the Dow's highest-weighted component, fell 3.5% today despite posting operating earnings per share of $2.78, beating analyst expectations. The tech giant also raised its full-year earnings forecast to at least $15 per share this year, up from its $14.85 January forecast. But IBM pulled in revenue of $24.67 billion, slightly less than analysts expected, and its systems-and-technology unit saw revenue fall nearly 7%.
Intel was the Dow's second biggest loser, down 1.8% after the company also reported earnings that disappointed investors. Intel's decline showed that it may be a victim of its past success; in recent quarters the chipmaker beat earnings by a wide margin, while today the company booked earnings that were just slightly above expectations. Intel also said that costs associated with new production lines would eat into gross margins more than previously anticipated.
On the other side of the coin, one of the bigger Dow gainers on the day was Caterpillar
Outside the Dow, eBay
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