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Wall St.'s losses deepen
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October 13, 1999: 12:41 p.m. ET
Intel's disappointing earnings weigh on tech stocks, broader market
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NEW YORK (CNNfn) - Losses among U.S. stocks deepened at midday Wednesday amid worries about profit growth in the technology sector after leading chip maker Intel reported earnings that fell short of expectations.
Shortly before noon ET, the Dow Jones industrial average dropped 72.51 points to 10,344.55. On the New York Stock Exchange, declines beat advances 1,801 to 933 on trading volume of 365 million shares.
The Nasdaq composite index fell 27.11 points to 2,845.32, and the S&P 500 index lost 11.67 to 1,301.37.
The bond market also lost ground, taking little direction from a sudden jump in the dollar against the yen. The benchmark 30-year Treasury bond was down 7/32 of a point in price, its yield rising to 6.24 percent from Tuesday's 6.23 percent.
The dollar rallied against the Japanese currency after the Bank of Japan announced it would buy back government debt using yen, a step that could curb the yen's steady recent rise. The dollar was modestly lower against the euro.
Intel earnings dent chip stocks
Meanwhile in the stock market, investors shied away from technology, and especially semiconductor issues, after Intel (INTC) reported third-quarter results late Tuesday that were a few pennies shy of expectations.
Shares of Intel dropped 4-1/8 to 72-9/16 after declining chip prices ate away at the company's quarterly profit despite record shipments between July and September.
Shares of rival Motorola (MOT) fell 1-7/8 to 93-1/16 even after that company reported results that exceeded expectations, citing an improvement in its personal communications business and projecting continued sales and earnings growth for the fourth quarter.
Elsewhere in the high-tech sector, Apple Computer (AAPL), expected to report earnings after the closing bell, shed 1-15/16 to 65-3/4.
And the stock of online advertiser DoubleClick (DCLK) fell 1/16 to 128-13/16, also in anticipation of the company's latest results.
Stronger-than-expected earnings at Web broker E*Trade (EGRP) pushed that stock 1-7/32 higher to 26-5/8.
But similarly strong results at household appliance maker Whirlpool (WHR) failed to prop up its stock, leaving it 1/8 lower at 63-3/16. 
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