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The Dow Jones Industrial Average (DJINDICES:^DJI) is down 136 points to 15,791 at 1:30 p.m. EST on poor earnings news from Boeing (NYSE:BA). Along with shaky earnings reports, the her big news is the release of the Federal Open Market Committee statement today at 2 p.m. EST. The Fed is expected to announce an additional $10 billion per month taper of its asset purchases, which would bring the monthly bond buys to $65 billion. The S&P 500 (SNPINDEX:^GSPC) was down 12 points to 1,780.
The big mover pulling the Dow down today is Boeing, which is down 5.5% ($7.51) to $129.57. Boeing's large size and large drop accounts for nearly 40% of the Dow's loss today. In what seems to be a trend this quarter, Boeing reported earnings that beat analyst expectations but missed on guidance expectations. The aircraft maker reported earnings per share of $1.61, better than last year's $1.28 and better than analyst expectations of $1.57. Boeing stockholders had a banner year in 2013: the company delivered 648 aircraft, the stock rose 84%, the quarterly dividend was boosted nearly 50% to $0.73 per share, and Boeing announced an additional $10 billion share buyback authorization.
This year might not be as rosy. Boeing expects earnings per share in 2014 between $7.00 and $7.20, below analyst expectations of $7.57. The company also anticipates 2014 revenue of between $87.5 billion and $90.5 billion, below analyst expectations of $92.72 billion.
Dan Dzombak has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.