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1st LD Writethru: U.S. stocks decline amid mixed earnings reports

Xinhua, October 22, 2015 Adjust font size:

U.S. stocks ended lower Wednesday, as Wall Street meditated on a mixed bag of quarterly results from big companies.

The Dow Jones Industrial Average fell 48.50 points, or 0.28 percent, to 17,168.61 The S&P 500 lost 11.83 points, or 0.58 percent, to 2,018.94. The Nasdaq Composite Index moved down 40.85 points, or 0.84 percent, to 4,840.12.

With no major economic data due out Wednesday, investors focused on the third-quarter earnings season, which reaches its peak as a raft of noted corporates report quarterly results this week.

Before Wednesday's opening bell, the Boeing Company reported third-quarter 2015 revenue increased 9 percent to 25.8 billion U.S. dollars on record commercial deliveries.

Core earnings per share for the quarter increased 18 percent to 2.52 dollars, reflecting strong performance across the company. Its shares jumped 1.66 percent to 141.19 dollars apiece.

General Motors Company (GM) reported earnings and revenue that beat Wall Street forecasts, as demand for trucks in North America remained strong. Its shares surged 5.79 percent to 35.42 dollars apiece.

The U.S. car maker announced third-quarter 2015 net income to common stockholders of 1.4 billion dollars or 0.84 dollar per diluted share, compared to 1.4 billion dollars or 0.81 dollar per diluted share a year ago.

Shares of Yahoo tumbled 5.21 percent to 31.12 dollars apiece Wednesday following the release of the company's disappointing quarterly results.

The internet firm posted third-quarter earnings of 15 cents per share on 1.23 billion dollars in revenue, compared with earnings of 52 cents per share on 1.15 billion dollars in revenue a year ago.

Latest data from Thomson Reuters showed that S&P 500 companies' blended earnings in the third quarter of 2015 are expected to decline 3.5 percent year on year, while revenue growth is forecast to decrease 3.8 percent.

Meanwhile, Ferrari begins trading on the New York Stock Exchange Wednesday under the ticker symbol RACE. The luxury car maker priced its IPO at 52 dollars per share, valuing the company at 9.8 billion dollars. Its shares soared 5.77 percent to 55.00 dollars apiece.

Overseas, Chinese stocks made a major correction on Wednesday after more than a week of rises, with the benchmark Shanghai Composite Index dropping 3.06 percent. Endit