The Dow Now: All But Four Components in the Red

By Sterling Wong  SEP 28, 2012 12:15 PM

Cisco is up on the day.

 


MINYANVILLE ORIGINAL On the last day of the quarter, US equities fell on uncertainty among investors as they await results of Spanish banks' stress tests.
 
"We had been seeing good data recently, but now we seem to be following the slowdown in China and Europe and we're seeing weakness," Paul Nolte, managing director at Dearborn Partners in Chicago, told Reuters.
 
The Dow Jones Industrial Average (INDEXDJX:.DJI) was down 0.52% to 13,415.62 points as of 12:05 p.m. EDT.
 
Only four of the 30 Dow components registered gains in intraday trading. Cisco Systems (NASDAQ:CSCO) bucked the bearish trend with a robust 2.26% jump up to $19.22. A new Goldman Sachs report on the company said that the market is underestimating Cisco’s long-term earnings potential, particular in the software-defined networking area and in set-top-boxes.
 
McDonald’s (NYSE:MCD) fell the most, down 2.04% to $91.37 following a Neutral from Buy downgrade by Janney Capital, who said that the fast food giant will struggle to match same store sales growth achieved last year.
 
Bank of America (NYSE:BAC) also dipped 0.89% to $8.89 after agreeing to pay $2.43 billion to settle a lawsuit with investors over allegations of misconduct in its deal to acquire Merrill Lynch.
 
Another leading decliner was new Dow component UnitedHealth Group (NYSE:UNH), which slid 1.20% to $55.56 amid a broader decline of managed health care companies.

Twitter: @sterlingwong
No positions in stocks mentioned.

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