Newspaper article St Louis Post-Dispatch (MO)

Computer Stocks Drubbed; Market Mixed

Newspaper article St Louis Post-Dispatch (MO)

Computer Stocks Drubbed; Market Mixed

Article excerpt

Stocks were mixed Thursday as computer stocks retreated on concern that second-quarter earnings will fall short of expectations. Gains in Coca-Cola Co. and drug companies tempered the decline.

Analysts pared earnings estimates for Hewlett-Packard Co. and International Business Machines Corp. amid signs that European sales are slumping and demand for home computers has slackened.

The Nasdaq composite index slid 11.93 to 1167.34 after earlier dropping as much as 26.48 points. The index, which is filled with computer, software and semiconductor issues, has lost 5.51 percent since June 12, its biggest 6-day decline since a 6.47 percent drop that ended on Jan. 10.

The Dow Jones industrial average rose 11.08. Boeing Co. was among the gainers, climbing 2 5/8 to 87 3/8. IBM slid 1 3/8 to 100 3/4 after Dean Witter Reynolds Inc. cut its estimate for 1996 profits by a quarter to $11 a share.

Stocks retreated from early highs after the Philadelphia Federal Reserve Bank reported that manufacturers in that region are seeing imp roved demand for their goods. …

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