The Dow Jones Industrial Average (^DJI 0.81%) just may break its losing streak today. A meeting between top U.S. lawmakers and President Obama, which was set so both parties could begin discussing a solution for the country's fiscal problems, seems to have gone well. Republican Speaker of the House John Boehner stated: "I believe that the framework that I've outlined in our meeting today is consistent with the President's call for a fair and balanced approach. I believe we can do this and avert the fiscal cliff that's right in front of us today."
Very promising words for both Wall Street and Main Street, which fear the fiscal deadline is fast approaching. The market reacted positively after these comments, and as of 12:40 p.m. EST, the Dow is up about 22 points, or 0.17%, to 12,587. So far during today's trading session, only 12 of the Dow's 30 components are in the red. Three of today's biggest losers are Hewlett-Packard (HPQ 1.10%), AT&T (T -0.64%), and Verizon (VZ -0.76%).
So why are they down?
Yesterday, after the closing bell, computer manufacturer Dell (DELL.DL) reported dismal third-quarter earnings. Net income fell 47% after revenue came in lower than expected. The company also believes the global macroeconomic environment will continue to be challenging. Dell is down 6.6% so far today, but other industry peers are also moving lower. Hewlett-Packard is down 2.6% today due to Dell's results. When one company is performing poorly, it could be a bad signal for the entire industry.
Telecommunication giants AT&T and Verizon are trading lower today by 0.44% and 1.25%, respectively. The moves follow reports indicating that Google (GOOGL 0.72%) may partner with DISH Network (DISH) on a wireless service. DISH acquired a slice of the electromagnetic spectrum in 2008, and Google has reportedly approached a number of companies as it looks to enter the mobile Internet service space. If a powerhouse such as Google moved into the telecommunications industry, the company could pull its Android-powered devices from the other operators -- a move that would essentially kill the competition.
