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Google weighs on tech
Web leader's results disappoint, dragging on the Nasdaq, but the Dow gains, thanks to Boeing.
NEW YORK (CNNMoney.com) - Stocks were mixed early Wednesday, as tech investors shuddered after Google's disappointing results and blue-chip buyers took solace from Boeing's upbeat earnings. The Nasdaq composite (down 8.43 to 2,297.39, Charts) fell around 0.5 percent in the early going. The Standard & Poor's 500 index (down 0.23 to 1,279.85, Charts) lost a few points and the Dow Jones industrial average (down 35.06 to 10,864.86, Charts) added 0.2 percent.
After the close Tuesday, Web leader Google reported quarterly earnings that met revenue forecasts but missed earnings expectations. Google shares fell more than 10 percent at the open and weighed on other tech issues. The company is the latest tech to disappoint in this quarterly earnings reporting period, following Yahoo! (up $0.21 to $34.58, Research), Intel (up $0.10 to $21.35, Research) and others. On the upside, Dow component Boeing reported quarterly earnings that more than doubled from a year earlier and beat forecasts, and boosted its profit outlook for 2006. Boeing (unchanged at $68.31, Research) shares rose 4 percent in the early going. Stocks fell Tuesday after the Federal Reserve boosted a key short-term interest rate as expected, and said more rate hikes may be needed. Concerns about that remained in place Wednesday. Investors will also take in reads on construction spending and manufacturing later in the morning. U.S. light crude oil for March delivery fell 2 cents to $67.90 a barrel in electronic trading ahead of the weekly oil inventory report. Treasury prices fell, raising the yield on the 10-year note to 4.53 percent from 4.52 percent late Tuesday. Treasury prices and yields move in opposite directions. In currency trading, the dollar rose versus the euro and the yen. COMEX gold fell 80 cents to $570 an ounce. _______________
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