NEW YORK >> Stock prices fell today, sending the Dow down more than 190 points and back below the 10,000 level as investors awaited a midquarter business forecast from Intel and digested a revenue warning from Motorola and a mixed batch of retail sales reports. Stocks sink, then
Intel trims forecastStar-Bulletin news services
Investors were also evaluating Microsoft after the Justice Department announced today that it no longer is interested in seeking a court-ordered breakup of the software giant, but indicated it will seek penalties that could affect or delay the company's soon-to-be-released Windows XP operating system.
After the market closed, Intel said its third-quarter revenue would be "slightly below the midpoint of the range" given earlier. In July, Intel said sales would be $6.2 billion to $6.8 billion. Intel's stock fell $1.37 to $26.10 before the report and climbed to $26.36 in after-hours trading.
Meanwhile, the Dow Jones industrial average ended the day off 192.43 at 9,840.84. The last time the Dow closed lower was April 6 when it stood at 9,791.09. The Nasdaq composite index fell 53.37 to 1,705.64. The Standard & Poor's 500 index lost 25.34 to 1,106.40, just shy of piercing its low for the year -- 1103.25 hit on April 4.
Decliners outnumbered advancers on the New York Stock Exchange, with 2,118 down, 992 up and 214 unchanged. Volume was 1.3 billion shares vs. 1.4 billion yesterday.
The NYSE composite index fell 11.16 to 577.31, the American Stock Exchange composite index dropped 3.04 to 863.33 and the Russell 2000 index fell 9.12 to 453.39. The Treasury's 10-year note rose 26/32 to 101 3/32; its yield fell 11 basis points to 4.86 percent. The 30-year bond gained 31/32 to 99 15/32; its yield fell 7 basis points to 5.41 percent.
Microsoft fell $1.72 to $56.02. Motorola lost $2.46 to $13.94 after lowering sales forecasts and announcing 2,000 job cuts, or 15 percent, to $13.94 after saying it expects third-quarter sales to be flat versus the second quarter, rather than up 5 percent it had anticipated earlier. The cell phone maker also announced it's slashing 2,000 jobs, bringing this year's total job cuts to