Last week review:
The DJIA’s weekly losses were led by Hewlett-Packard (NYSE:HWP), down 9.9%; Intel (NASDAQ:INTC), off 5.4%; and Boeing (NYSE:BA), off 3.8%. Hewlett-Packard shares tumbled after Dell’s (NASDAQ:DELL) latest interims showed PC sale weakness had caused management to lower its full-year outlook, interims that cast a cloud on HP’s numbers, which HP echoed, posting a Q2 revenue miss, a disappointing full-year forecast, and increased job cut plans. Concerns for PC sales spread to additional tech company shares, impacting such firms as Intel. Boeing shares lost ground following news it had lost an order for 35 of the firm’s 787-9s from Qantas that attended the airline’s report of its first annual loss in seventeen years.
Kraft (NYSE:KFT) topped DJIA weekly component gainers, up 3.4%, a defensive bet. Bank of America (NYSE:BAC) rose 2% as major banks advanced on hopes for fresh ECB bond-buying action. JP Morgan’s (NYSE:JPM) shares were 0.5% higher.
The S&P500 ten industry sector declines for the week were greatest among utility 1.3%), telecommunications (-1.2%), industrial (-1.2%), and consumer goods (-1.1%) shares. Also lower: oil and gas (-0.8%), basic materials (-0.8%), technology (-0.6%), financials (-0.1%), and consumer services (-0.03%). The only rising group was health care (+0.6%). |