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Dow can’t catch a break

Thursday, July 12, 2012 - 02:04

July 12 - Summary of business headlines: Blue chips slide for 6th day in a row despite jobless claims at 4-year low; Boeing wins big at UK air show; Yahoo hacked; Infosys warns. Conway G. Gittens reports.

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It was a soap opera drama right down until the last few minutes. But in the end blue chips could not stop a six day slide, despite a rally in Procter and Gamble. A drop in U.S. jobless claims to a four-year low also could not break the streak... And Boeing was unable to keep the Dow up in the air, as well. The aerospace giant beat out rival Airbus at this year's UK air show in total sales; snagging a $15 billion order for its 737 Max model from United Continental. Airbus, trying to save face, focused on the superjumbo market, saying it's on track to sell 30 of the larger A380s despite customer concerns. Airbus sales chief John Leahy: SOUNDBITE: JOHN LEAHY, SALES CHIEF, AIRBUS (ENGLISH) SAYING: "And you can imagine primary on their list of things to discuss with us about the 380 was how long is the airplane going to be on the ground, what is the fix for the wing, and we spent several months going through that this spring with those customers and that obviously slows down sales campaigns, the economy is also one of the effects, but the fact is there is still a lot of demand for the aircraft." Getting strange emails from a Yahoo account? Well some 400,000 user names and passwords have been stolen by hackers, according to Yahoo's admission. And the breach could involve Yahoo-linked accounts for Google's Gmail, AOL, and several Microsoft websites, according to a security firm. Yahoo apologized for the security lapse. The other websites did not confirm their user's privacy have been compromised. Stock of the day: Infosys. U.S. listed shares were down to a three-year low. The IT services company slashed its sales forecast; the latest indication tech spending will be under the gun in the second half of the year. Down was the tone of the day in Europe as well, with almost a full one percent drop in the U.K. Conway Gittens, Reuters

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Dow can’t catch a break

Thursday, July 12, 2012 - 02:04