Boeing, General Electric Sink DJIA on Wednesday
Boeing, General Electric, IBM, and Caterpillar were the big losers as the DJIA closed down on Wednesday.
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October 25, 2017: Markets opened lower Wednesday, perhaps a sign that traders are just taking a breather after a long run of new highs. The report on durable goods orders showed a rise in sales, new home sales were at 10-year highs for September, and earnings were okay if not great from some big names. WTI crude oil for December delivery settled at $52.18 a barrel, down 0.6% on the day after the EIA inventory report. December gold added less than 0.1% on the day to settle at $1,279.00. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.58% for the day, the S&P 500 traded down 0.55%, and the Nasdaq Composite traded down 0.59.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was The Boeing Co. (NYSE: BA) which traded down 3.14% at $257.66. The stock’s 52-week range is $136.72 to $267.21. Volume was nearly double the daily average of around 3.8 million shares. The reported good earnings this morning, but margin guidance was weak and charges piled up against the KC-46A tanker program.
General Electric Co. (NYSE: GE) traded down 2.10% at $21.43. The stock’s 52-week range is $21.30 to $32.38 and the low was posted this afternoon. Volume was nearly double the daily average of around 48 million shares. The company had no specific news.
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International Business Machines Corp. (NYSE: IBM) traded down 1.23% at $153.97. The stock’s 52-week range is $139.13 to $182.79. Volume was about 10% above the daily average of around 4.3 million shares. The company had no specific news Tuesday.
Caterpillar Inc. (NYSE: CAT) traded down 1.13% at $136.68. The stock’s 52-week range is $80.33 to $140.44. Volume was about 80% higher than the daily average of around 3.6 million. The industrial giant gave back some of Tuesday’s big gain.
Of the Dow stocks, 8 are on track to close higher Wednesday and 22 are set to close lower.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
