Wall Street Trades with Losses Following the Poor Performance of Chesapeake (CHK), IBM (IBM) and United Technologies (UTX)
The Dow Jones Industrial Average dipped 179.95 points or 0.99% to close at 17,920.46, while the NASDAQ Composite Index moved down 10.74 points or 0.21% at 5,208.12 and the S&P 500 also ended in red, losing 9.07 points or 0.43% to close Tuesday's trading session at 2,119.21. Looking at the S&P 500, the best-performing sector was Energy (0.04%) while the worst-performing sector was Telecommunication Services (-1.74%).
On Wall Street, stocks achieved losses during trading on Tuesday after knowing weak results.
Further, the company will also sell the CHK Cleveland Tonkawa LLC properties and adjacent assets. Other actions taken were the redemption of preferred shares in CHK Cleveland Tonkawa subsidiary and the declaration of preferred stock dividends.
Chesapeake shares plummeted 9.54% today and are down 52.6% in a year-to-date basis and 65.6% over the past 12 months.
International Business Machines (IBM) Continues to Fall. Shares of IBM closed at $163.07, down $10.15 or 5.86% in today's regular trading session, after the firm reported yesterday better-than-expected earnings, but revenue missed analysts' estimates.
United Technologies Corp. (UTX)'s Biggest Decline Since September 2001. After the company warned that profit at its UTC Aerospace Systems and Otis elevator unit would be lower than expected this year, the stock falls $7.78, or 7.04% to $102.70.
After-Hours Movers. Apple (AAPL) shares show an after-hours decline of 7% to $121.65 due to weaker iPhone sales than expected and not so good as previous results. Investors should keep an eye on the tech giant in tomorrow's trading session.
World Stock Markets. In overseas trading, European shares disrupted previous earnings. At the close of the session, the Spain's Ibex 35 lost 0.84% to 11458.60 points, the France's CAC 40 index declined 0.75% to 5,104.07, the U.K.'s FTSE 100 Index lost 0.33% to 6,766.52 and the Germany's DAX 30 index plummeted 1.09% to 11,607.73. On the other hand, Asian markets ended higher. Japan's Nikkei 225 was up 0.93%, China's Shanghai Composite added 0.64% and Hong Kong's Hang Seng gained 0.52%.
Other Markets. In the bond market, the 30-year Treasury yield finished at 3.07% and the 10-year Treasury yield declined 3.1 basis points to 2.342%
In commodity markets, gold prices continue to lose, in its nine consecutive trading day the metal fell by 0.32% to $1,100.4 a troy ounce and the spot price of silver is trending higher to $14.84 while crude oil prices closed higher at $50.59.
In the currency market, the euro finished higher at $1.0938.
Posted in ...Market Commentary