Striking A Balance
Concern about a growing number of anthrax incidents
is being cancelled out by positive earnings results from Dow components as
the market strikes an uneasy balance. Stocks plummeted yesterday on announcements
from the capital that Congress’ ventilation system may have been
contaminated. The three major indices left outside days down, signaling a
halt to a three-week rally off three-year lows.
The Dow is down 78 at 9153, the Nasdaq is down 2.53
at 1643.41, and the S&P 500 is down 10.81 at 1066.28.
CBS became the third major network to report that an
employee had tested positive for anthrax
But Dow heavyweights Coca Cola
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are providing some optimism that selected corporations are still capable of
exceeding earnings expectations. Coke beat estimates by 3 cents, earning 45
cents a share and is up 1.86 at 46.14. Boeing also beat Street expectations
by one penny to 88 cents a share. Boeing’s stock is down .72 at 32.98 on
expectations of lower demand for airplanes in coming quarters.
In this heaviest week of earnings announcements for
the third quarter, the market is also closely watching General Motors
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and Texas Instruments
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42.16.
Texas Instruments reported a loss on a 41% decline in
revenue. TXN missed its earnings estimate by three cents, losing seven cents
and is down nearly 10% at 27.00.
No sector is up more than 1%, although biotech
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is up .94%. Semiconductors
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airlines
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leading sectors weighing the market down.