Twenty-seven of the Dow components are down. And, three are playing defense in an brutal market: Coca-Cola (KO), GE (GE), and Caterpillar (CAT). Each of these is up a modest amount.
With the DJIA off over 200 points, financial stocks in the index are taking on more water. AIG (AIG) is off almost 8%. Bank of America (BAC) is down almost 7%. Boeing (BA) is off nearly 5%, even after an upbeat forecast about its next 20 year prospects.
Coke should be holding its own. Most of what it sells is inexpensive, global, and easy for the consumer to find. Its balance sheet is as good as any. If earnings suffer, the ding will be minor.
GE (GE) disappointed some investors today, but, it held its full-year forecast, something which a number of companies may not be able to do.
Caterpillar (CAT) may be an odd stock to be rising on a hard day. Industrial equipment can be cyclical, but the firm says that the demand for its products is unusually strong overseas.
The few stocks which are up today are likely to hold well if the market continues its slide.
Douglas A. McIntyre
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