As economic gridlock in Washington continues, the Dow Jones Industrial Average was off from the opening bell Tuesday, down nearly 0.5% to about 12,530. Despite recent losses amid debt negotiations in the United States and Europe, the DJIA still is up almost 8% this year, and corporate earnings have been strong.
Down by about 4%, or more than $3.77 per share, to under $91.30 was 3M (NYSE:MMM). Shares were sent lower after 3M projected future earnings that did not meet analyst expectations because of lower sales in Japan and less demand for LCD television sets. 3M is now trading below its 20- and 50-day moving averages and has a relative strength index rating of 37.13. When the relative strength index rating is at 30, a stock is considered to be oversold.
Continuing its descent was Boeing (NYSE:BA) as it flew under $70.30, about a 1.5% drop of more than $1 a share. Boeing reports earnings Wednesday, and there are concerns about its ability to hold onto its U.S. market share. Down more than 4% for the quarter, Boeing is trading below its 20-, 50- and 200-day moving average. Boeing has a relative strength index rating of 39.02.
United Technologies (NYSE:UTX) was down more than 1.4% a share to under $85.90, shedding more than $1.40 per share in early morning action. Otis Elevator, a subsidiary of United Technologies, is acquiring Marshall Elevator, but terms of the deal were not released. Down slightly for the week, United Technologies is trading below its 20- and 50-day moving averages.
Higher by more than 0.75% was Hewlett-Packard (NYSE:HPQ), picking up about 30 cents per share to sell for more than $37.40 in early action. Up almost 6% for the week, Hewlett-Packard is now above its 20- and 50-day moving averages and has a relative strength index rating of 64.50. A 70 rating is when a stock is viewed as being overbought.
Proctor & Gamble (NYSE:PG) was up more than 35 cents, or about 0.5%, to over $63.60 in the morning session. Consumer stocks are getting extra attention from investors as the Aug. 2 debt default deadline approaches. Proctor & Gamble is up for the month and trading above its 200-day moving average.
Another safety stock up early was AT&T (NYSE:T), gaining about 5 cents, or 0.17%, to take share prices over $30. AT&T is up more than 20% for the year but has been down lately, off about 1.3% for the month and trading below its 20- and 50-day moving averages.
Jonathan Yates does not own any of the stocks mentioned in this article.
