(By Salman - iStockAnalyst Writer)US stocks finished with losses after a bearish analyst note by Rochdale Securities' banking analyst Dick Bove rattled investors.
The Dow Jones Industrial Average lost 92.12 points or 0.92% to finish at 9,949.36. The S&P 500 fell 9.66 points or 0.89% to end at 1,081.40. The Nasdaq Composite dropped 12.74 points or 0.59% to 2,150.73.
Shares of Wells Fargo & Co. (NYSE:
WFC) sank $1.56 or 5.12% to $28.90 after it said Wednesday that its third-quarter net income rose to $3.24 billion, or 56 cents a share, from $1.64 billion, or 49 cents a share, in the year-earlier quarter. Total revenue surged to $22.47 billion from $10.38 billion. Rochdale Securities' analyst Dick Bove cut his investment rating on Wells Fargo to sell from hold, saying the quality of its earnings was "pretty poor."
JP Morgan & Chase & Co. (NYSE:
JPM) plunged $1.38 or 3% to $44.65. Bank of America Corp. (NYSE:
BAC) tumbled 50 cents or 2.94% to $16.51.
Early on Wednesday, Boeing Co. (NYSE:
BA) reported a third-quarter loss of $1.6 billion, or $2.23 a share, compared to a profit of $695 million, or 96 cents a share, in the same quarter a year ago. Revenue climbed 9% to $16.7 billion from $15.3 billion. Shares of airplane maker plunged $1.26 or 2.43% to $50.63.
Shares of drugmakers finished with steep losses. Merck & Co. (NYSE:
MRK) slid $1.04 or 3.08% to $32.68. Pfizer Inc. (NYSE:
PFE) declined 52 cents or 2.90% to $17.41.
Eli Lilly and Co. (NYSE :
LLY) said that it swung to a third quarter profit of $941.8 million, or 86 cents per share, compared to a loss of $465.6 million, or 43 cents per share, in the prior-year quarter. Excluding restructuring and other costs, Lilly earned $1.20 per share. Revenue increased 7 percent to $5.56 billion from $5.21 billion. Shares of the company plummeted $1.58 or 4.48% to $33.66.
Caterpillar Inc. (NYSE:
CAT) lost $1.21 or 2.03% to close at $58.40.
Shares of retail giant Wal-Mart Inc.
