These Stocks Crushed the Dow Today
Another day, another triple-digit loss. The Dow Jones Industrials (INDEX: ^DJI) extended its streak of consecutive days with losses of more than 100 points to three today, with most analysts again blaming European economic problems for the decline. But the market actually recovered from bigger losses early on, as TheWall Street Journal reported that the Federal Reserve is considering new ways to boost employment and economic activity, including expanding use of the discount window.
Still, the Dow couldn't overcome the downdraft from some of its worst performers. Cisco Systems (NAS: CSCO) fell almost 6% as the networking giant announced that it would make another round of layoffs, this time cutting 1,300 jobs. Yet as Fool contributor Tim Beyers wrote earlier today, Cisco's explanations for repeatedly cutting staff are getting a bit thin, and the company seems to be losing credibility in its turnaround efforts.
AT&T (NYS: T) dropped more than 2% after reporting earnings. The company announced a drop in smartphone subsidies and beat earnings expectations, but slower growth in revenue and monthly contract customer counts raised concerns about AT&T's continuing leadership role in the wireless industry, especially as Verizon (NYS: VZ) has sported a faster pace of customer gains. But the big question remains what will happen when the next iPhone comes out.
Finally, DuPont (NYS: DD) finished down almost 2% on the day. In its quarterly report, the chemical giant beat earnings estimates and posted 8% revenue growth, but it warned that the company's full-year earnings will fall toward the low end of its previous forecast. DuPont's agricultural segment held up well, but the Europe's slowdown is definitely having an impact on the company, in terms of sales as well as currency impacts.
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The article These Stocks Crushed the Dow Today originally appeared on Fool.com.Fool contributorDan Caplingerdoesn't own shares of the companies mentioned. You can follow him on Twitter,@DanCaplinger. The Motley Fool owns shares of Cisco Systems. Try any of our Foolish newsletter servicesfree for 30 days. We Fools don't all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Fool has adisclosure policy.