Dow Jones Drops: Coca-Cola Higher
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New York, New York - March 21, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the Dow Jones Industrial Average for March 21st, 2013.
The Dow Jones Industrial Average (^DJI) is trading down 77.57 points or -0.53% at 14,434.16. During this time, roughly 265.9 million shares of the 30 Dow components have changed hands vs. an average daily trading volume of 607.4 million.
While the Dow is trading down, one component leading the way higher looks to be Coca-Cola (NYSE:KO), trading at $40.20 with a gain of $0.33 or 0.83%. Volume for Coca-Cola currently sits at 11.7 million shares traded versus an average daily trading volume of 14.7 million shares.
Coca-Cola has a market cap of $172.74 billion and is part of the consumer goods sector and food & beverage industry. Shares are up 8.5% year to date as of Wednesday's close. The stock's dividend yield sits at 2.9%.
While some elements of the DOW struggle upwards, several tech related stocks continue to bring the DOW downward.
Hewlett-Packard (NYSE:HPQ), sits moderately lower today after yesterday's shareholder meeting where all of the board members were re-elected even though a number of investors and activists wanted those involved in the acquisition of Autonomy -- the software company for which HP overpaid by $8 billion -- to be removed.
Those investors who wanted new board members are likely selling today, even though the board raised the dividend by 10% -- or perhaps because the dividend was raised. HP is in the midst of a turnaround as global PC sales are flat-lining, so the company may need all the cash it can get if the economy turns south again before Meg Whitman has righted the ship.
Another DOW downer is Intel (NASDAQ: INTC) whose shares are lower by 0.69% after analysts from both Citigroup and JPMorgan Chase published cautious reports this morning. Citigroup's Glen Young cut his first- and second-quarter revenue estimates, while JPMorgan's Christopher Danely noted that PC shipments to Asian countries will grow at lower-than-normal rates. Both analysts believe results will come in lower than Intel's guidance and consensus estimates.
Cisco (NASDAQ:CSCO) remains not only Dow's worst-performing technology stock, but also the index's worst-performing component, with shares down 4.01%. Like Intel, Cisco was recently downgraded, but that does not fully account for this massive drop today.
Oracle (NASDAQ:ORCL) , one of Cisco's closest competitors, is down 8.91% today after reporting last night that it is seeing weak demand in virtually all of its operating segments. Cisco and Oracle compete in all of the same areas with similar products and offerings.
Finally also bringing the DOW lower is another tech stock, IBM (NYSE:IBM) trading down at $210.49, dropping $-4.57 or -2.12% on a volume of 3,085,523 shares.
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