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Stocks Tumble in Late Afternoon Trading
In economic news, the Commerce Department said June retail sales slipped 0.1 percent after growing by the same amount the previous month. Analysts had been predicting a 0.4 percent increase.
The University of Michigan said its consumer-sentiment index for July fell 1.9 points to 83. That compares with expectations for a slight rise to 85.5.
  Traders work on the floor the New York Stock Exchange, Thursday, July 13, 2006. Oil prices shot up to a new high, roiling stocks on Wall Street, as hostilities in the Middle East escalated. Wall Street suffers sharp loss for a second straight session as a new record for oil prices and discouraging analyst remarks about Wal-Mart Stores Inc. intensify concerns about consumer spending. (AP Photo/Mary Altaffer) (Mary Altaffer - AP) Save & Share |
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GE said five of its six core businesses saw double-digit earnings growth last quarter; the sole loser was its NBC Universal broadcast unit. GE, which met Wall Street's profit and revenue forecasts, nonetheless sank 51 cents $32.16.
EMC Corp. added to Wall Street's stress over corporate profits after the software maker said earnings slid 5 percent last quarter. EMC, which earlier this week warned of a possible miss, fell 41 cents to $9.57.
Petco Animal Supplies Inc. said it has agreed to be taken private for $29 per share, or $1.68 billion. Petco jumped $8.46 to $27.91.
Moody's Investors Service pushed Ford Motor Co.'s debt rating further into junk status, saying the shift from sport-utility vehicles to cars was hurting the company's prospect of recovery. Ford lost 18 cents to $6.38.
Overseas, Japan's Nikkei stock average plunged 1.67 percent. Britain's FTSE 100 dropped 1 percent, Germany's DAX index fell 1.9 percent and France's CAC-40 was lower by 1.48 percent.
NYSE volume of 1.32 billion shares fell behind the 1.34 billion shares changing hands at the same point Thursday.
The Russell 2000 index of smaller companies fell 4.39, or 0.64 percent, to 682.90.
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