The Dow Jones Industrial Average (DJINDICES:^DJI) seems determined to drop today. After opening lower, the index briefly rose into positive territory before sinking to session lows again this afternoon. As of 2 p.m. EST, the index is down 60 points, or 0.47%. One stock from the tech sector is particularly weighing the index down, and all but eight of the 30 Dow components are in the red. Let's see who the big movers today.
Horrible news out of HP
The big news around the Dow today comes from Hewlett-Packard (NYSE:HPQ) whose shares are down nearly 12%. HP reported earnings that missed on revenue while beating earnings projections. However, the earnings beat came only after excluding an $8.8 billion accounting charge related to the multibillion-dollar purchase of Autonomy back in 2011. HP believes the acquisition represents fraud and that Autonomy was massively overvalued. Regardless, HP is on pace today to mark one of its 10 worst trading sessions since 2000.
While HP dominates headlines, the tech sector bears another significant laggard. Shares of Intel (NASDAQ:INTC) continue to fall today, down more than 4% as the company deals with the upcoming departure of CEO Paul Otellini. Otellini will step down next May, leaving a void in company leadership and making way for his successor to deal with Intel's position in the struggling PC market.
Industrials aren't having a great day, either. Both Alcoa (NYSE:AA) and GE (NYSE:GE) rank among the worst Dow performers of the day, with shares dropping 1.86% and 0.87%, respectively. This sector continues to suffer the stress of inaction regarding the fiscal cliff set to hit in January. Fed Chairman Ben Bernanke, speaking to the New York Economic Club today, remarked that fears over the fiscal cliff have already begun to impact spending at businesses. With industrials so heavily reliant on the health of the economy, continued paralysis in Washington could lead this sector to deeper losses.
Little for the bulls
Risers are few and far between today, but McDonald's (NYSE:MCD) has managed to post meager gains of less than 1% to lead all Dow stocks higher. Overall, today's market isn't one for market bulls; the tech sector's maladies and fears over the fiscal cliff won't let the Dow climb out of this hole today.