CNN Money 4/24/2018 by Paul R. La Monica
Seemingly good results from Dow components Caterpillar, Coca-Cola and United Technologies (UTX) didn't please Wall Street. The Dow was down 500 points in midday trading after opening with a 130-point gain. At its worst point of the day, the Dow was down more than 600 points.
The Dow has now fallen for the past five straight days and has given up its gains for the year.
But why the nearly 650-point swing in the Dow in a matter of hours? Once investors took a closer look at the results, they focused on the negatives.
Caterpillar (CAT), for example, warned that profit margins would probably not get any higher this year than they are now.
And Coke (KO) investors were disappointed that lower prices may have helped drive sales -- even though Diet Coke finally returned to growth. Shares of Caterpillar plunged 6% while Coke's stock was down more than 2%.
More:
http://money.cnn.com/2018/04/24/investing/dow-stocks-3m-caterpillar/index.html
