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12A Daily News – Saturday, October 20, 2012 Furniture Depot 235 So. Main St., Red Bluff 527-1657 SAT. 9:00-5:00 • SUN. 11:00-5:00 MON.-FRI. 9:00-6:00 NEW YORK (AP) — Poor corporate earnings reports pounded the stock market Friday in a sour end to an otherwise strong week of trading. The Dow Jones industrial average fell more than 200 points for its worst day in four months. Disappointing results from three giants of the Dow — Microsoft, General Electric and McDonald's — were to blame. But the broader market fell, too, and the Standard & Poor's 500 index fared even worse in percentage terms. The Dow sank 205.43 points, or 1.5 percent, to close at 13,343.51. The S&P lost 24.15, or 1.7 per- cent, to 1,433.19. The Nas- daq composite index, ham- mered by a second ugly day for Google, lost 67.25 points to 3,005.62, a 2.2 percent decline. BUY ONE the Dow and S&P clinging to gains for the week. Financial analysts expect corporate earnings for July through September to be lower than the same period a year ago, which would be the first yearly decline in three years. Through Thursday, with 115 companies in the S&P 500 reporting, earnings were down 3.7 percent compared with a year earli- er, according to Thomson Reuters, a financial data provider, and ING, a finan- cial company. ''And once you get one quarter of negative earnings, it's a precursor,'' said Doug Cote, chief market strategist at ING Investment Manage- ment in New York. ''It's the The big drops Friday left GET ONE FREE cockroach theory: If you find one, there's probably many more.'' All 10 industry groups in the S&P 500 fell, led by technology and materials stocks. For a time Home Depot and Bank of America were the only stocks in the Dow trading higher for the day, but by 3 p.m. they were lower, too. world's largest maker of computer chips, blamed the global economy and sliding computer sales for pushing net income down. The bad news piled up Google continued its slump, losing $13.21 to $681.79, a day after its earn- ings report was accidently hours ahead of schedule. The report raised questions for Google and other Inter- net companies about ads that target mobile devices. It's been a tough week for technology companies. IBM pointed to Europe's troubles and slowing busi- ness spending when it post- ed weaker revenue than analysts expected. Intel, the Friday. Sagging PC sales and trouble in Europe took a toll on Microsoft's net income. Its stock lost 86 cents, or 3 percent, to $28.64. Marvell Technolo- gy Group and Advanced Micro Devices, which also make chips, sank sharply. McDonald's profit shrank as a strong dollar hurt international results, which account for two- thirds of its business. The fast-food giant's stock lost $4.14, more than 4 percent, to $88.72. details See store for Lane Recliners Dow down 205 as weak earnings drag market lower Wall Street up and yields down. The yield on the benchmark 10- year Treasury note slipped to 1.77 percent from 1.83 percent late Thursday. The disappointing earn- ings and a report showing a drop in home sales last month also pushed energy prices lower. The price of oil fell 2.2 percent on the New York Mercantile Exchange. Benchmark crude lost $2.05 to end at $90.05 per barrel. missed Wall Street's expec- tations. General Electric, a bell- wether of the economy, fell 3 percent. The company reported stronger profits early Friday, but its revenue Orders for new equip- ment and services sank, mainly because wind tur- bine orders have because a key U.S. federal subsidy for wind power expires at the end of the year. GE's stock lost 78 cents to $22.03. fallen Among other stocks making big moves: — Chipotle Mexican Grill plunged 15 percent after the burrito chain fore- cast that revenue growth would slow sharply next year. The stock had been a favorite among investors thanks to super-fast growth in recent years. The stock fell $42.93 to $243. As corporate earnings roll in, banks and so-called consumer discretionary companies, which include luxury stores and hotels, are projected to report the best growth. Analysts expect compa- nies dealing in metals and other materials to report the worst results, followed by energy companies. But it's technology companies like IBM, Intel and Google whose results have grabbed the most attention. The losses left the Dow up just 0.1 percent for the week. The S&P was up 0.3 percent, and the Nasdaq was down 1.3 percent. As investors sold stocks, they bought U.S. govern- ment bonds, driving prices surged 6 percent, making it the top performer in the S&P 500. Capital One's quarterly results, reported late Thursday, easily trumped analysts' estimates as profits jumped 47 per- cent. The lender's purchase of both the online bank ING Direct and HSBC's U.S. credit-card division helped propel loan revenue. Capital One's stock gained $3.45 to $60.75. — Capital One Financial Devices, the world's sec- ond-largest maker of micro- processors behind Intel, plunged 17 percent. AMD said late Thursday that sales of its chips have dwindled as buyers shift away from personal computers in favor of tablets and smartphones. It also plans to cut 15 per- cent of its workforce. AMD lost 44 cents to $2.18. — Advanced Micro Fashion Show, Luncheon & Boutique CattleWomen's Saturday, November 3, 2012 Rolling Hills Casino Corning Tickets $ 28.00 Reservations by October 26th Call 529-9679