NEW YORK, April 18 Shares of mid-and smallcap
stocks were led lower on Wednesday by the technology sector
after weak earnings reports from bellwethers IBM and Intel.
The small-cap info technology sector index fell 1.6
percent. International Business Machines Corp missed its
revenue forecast, sending shares down about 3 percent, while
Intel's results failed to make a "bull case" for the
stock. Intel shares slipped nearly 2 percent.
The lackluster reports from the two technology heavyweights
came at the start of what has so far been a strong earnings
Among small-cap stocks, shares of Intermec Inc
plunged 27 percent to $5.40 the day after the company gave a
weaker-than-expected business update. Due to lack of demand in
Europe, its first quarter revenue for 2012 is expected to be
$180 million, down from its previous forecast of about $200
Shares of Chesapeake Energy Corp fell 7.2 percent to
$17.75. The stock was the most actively traded on the New York
Stock Exchange after a Reuters report that CEO Aubrey K.
McClendon did not disclose loans of as much as $1.1 billion over
the last three years against his stake in thousands of the
company's oil and natural gas wells.
Trading in the company's stock outstripped even Bank of
America, with its massive share float, and was approaching
nearly triple the recent daily average by midday.
The S&P MidCap 400 index fell 0.6 percent. The S&P
SmallCap 600 index lost 1.3 percent. In comparison, the
benchmark S&P 500 fell 0.5 percent.