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Here are Friday's biggest stock-market losers, driven lower by disappointing earnings and a shrinking manufacturing sector

By Philip van Doorn, MarketWatch

The S&P 500 Index fell 2.8%, as 471 component members dropped

U.S. stocks posted broad declines to start the new month, as disappointing earnings reports and a set of economic numbers soured investors' mood.

-- The Dow Jones Industrial Average sank 622 points, or 2.6%, to close at 23,723.69. The index is now down 19.7% from its closing high Feb. 12, but up 27.6% from its 2020 closing low set March 23. (All figures in this article exclude dividends.)

-- The S&P 500 Index was down 2.8% and ended 16.4% below its record closing level set Feb. 19, and was 26.5% above its 2020 closing low set March 23.

-- The Nasdaq Composite Index was worst of the three Friday with a 3.2% slide, ending 12.3% below its record closing high Feb. 19, but up 25.4% from its 2020 closing low set March 23.

The Institute for Supply Management said its manufacturing index fell during April to 41.5% from 49.1% in March. The April level was the lowest (link) since April 2009. Any reading below 50% indicates contraction of the manufacturing sector.

Amazon.com (AMZN) had been a market leader during the COVID-19 lockdown, but its shares fell 8% after CEO Jeff Bezos told shareholders Thursday after the market closed that they "may want to take a seat" because of plans to spend its entire second-quarter operating profit (link).

Investors were also disappointed with Apple's (AAPL) earnings report released Thursday after the market close because of a decision by the company not to provide forecasts. The iPhone maker boosted its stock buyback program (link) by $50 billion.

Shares of Tesla fell 10% on Friday after CEO Elon Musk said during market hours Friday that the electric-car maker's share price was too high (link).

Boeing's (BA) stock was down 5% on Friday after the company announced $25 billion in new debt offerings (link).

Dow

All but one of the components of the Dow Jones Industrial Average fell Friday:

Company                                Ticker  Price change - May 1  Price change - 2020  Price change - 2019 
Dow Inc.                               US:DOW                   -7.5%               -38.0%                  N/A 
Exxon Mobil Corp.                      US:XOM                   -7.2%               -38.2%                 2.3% 
United Technologies Corp.              AR:UTX                   -5.7%               -30.8%                40.6% 
Boeing Co.                             US:BA                   -5.4%               -59.1%                 1.0% 
Travelers Companies Inc.               US:TRV                   -5.1%               -29.9%                14.4% 
Caterpillar Inc.                       US:CAT                   -4.7%               -24.9%                16.2% 
Intel Corp.                            US:INTC                   -4.2%                -4.0%                27.5% 
Walgreens Boots Alliance Inc.          US:WBA                   -3.8%               -29.3%               -13.7% 
Goldman Sachs Group Inc.               US:GS                   -3.4%               -23.0%                37.6% 
Cisco Systems Inc.                     US:CSCO                   -3.4%               -14.7%                10.7% 
American Express Co.                   US:AXP                   -3.2%               -29.1%                30.6% 
International Business Machines Corp.  US:IBM                   -2.9%                -9.1%                17.9% 
Chevron Corp.                          US:CVX                   -2.8%               -25.8%                10.8% 
UnitedHealth Group Inc.                US:UNH                   -2.7%                -3.2%                18.0% 
J.P. Morgan Chase & Co.                US:JPM                   -2.6%               -33.1%                42.8% 
McDonald's Corp.                       US:MCD                   -2.6%                -7.6%                11.3% 
Microsoft Corp.                        US:MSFT                   -2.6%                10.7%                55.3% 
Walt Disney Co.                        US:DIS                   -2.5%               -27.1%                31.9% 
3M Co.                                 US:MMM                   -2.2%               -15.8%                -7.4% 
Merck & Co. Inc.                       US:MRK                   -2.1%               -14.6%                19.0% 
Nike Inc. Class B                      US:NKE                   -1.9%               -15.6%                36.6% 
Pfizer Inc.                            US:PFE                   -1.9%                -3.9%               -10.2% 
Visa Inc. Class A                      US:V                   -1.8%                -6.6%                42.4% 
Apple Inc.                             US:AAPL                   -1.6%                -1.6%                86.2% 
Johnson & Johnson                      US:JNJ                   -1.2%                 1.7%                13.0% 
Verizon Communications Inc.            US:VZ                   -1.1%                -7.4%                 9.2% 
Procter & Gamble Co.                   US:PG                   -0.9%                -6.5%                35.9% 
Coca-Cola Co.                          US:KO                   -0.6%               -17.6%                16.9% 
Home Depot Inc.                        US:HD                   -0.6%                 0.1%                27.1% 
Walmart Inc.                           US:WMT                    1.1%                 3.4%                27.6% 
                                                                                                Source: FactSet 

Click on the tickers for more about each company. Scroll the table to see all the data.

Dow Inc. (DOW) was the worst performer in the Dow, even though the company met analysts' expectations for first-quarter net income and beat sales estimates (link).

S&P 500

Among the S&P 500, 471 stocks declined Friday. Here are the day's 10 worst performers:

Company                              Ticker  Price change - May 1  Price change - 2020  Price change - 2019 
Weyerhaeuser Co.                     US:WY                  -17.8%               -40.5%                38.2% 
Norwegian Cruise Line Holdings Ltd.  US:NCLH                  -15.6%               -76.3%                37.8% 
Helmerich & Payne Inc.               US:HP                  -15.0%               -63.0%                -5.2% 
Apache Corp.                         US:APA                  -13.8%               -55.9%                -2.5% 
Royal Caribbean Cruises Ltd.         US:RCL                  -12.8%               -69.5%                36.5% 
Carnival Corp.                       US:CCL                  -12.4%               -72.6%                 3.1% 
Western Digital Corp.                US:WDC                  -12.2%               -36.2%                71.7% 
Newell Brands Inc                    US:NWL                  -11.5%               -36.1%                 3.4% 
American Airlines Group Inc.         US:AAL                  -11.4%               -62.9%               -10.7% 
MGM Resorts International            US:MGM                  -10.8%               -54.9%                37.1% 
                                                                                              Source: FactSet 

Nasdaq-100

Here are Friday's worst 10 performers among components of the Nasdaq-100 Index :

Company                              Ticker  Price change - May 1  Price change - 2020  Price change - 2019 
Western Digital Corp.                US:WDC                  -12.2%               -36.2%                71.7% 
Tesla Inc.                           US:TSLA                  -10.3%                67.6%                25.7% 
United Airlines Holdings Inc.        US:UAL                  -10.0%               -69.8%                 5.2% 
KLA Corp.                            US:KLAC                   -8.4%               -15.7%                99.1% 
Lam Research Corp.                   US:LRCX                   -7.9%               -19.6%               114.7% 
Amazon.com Inc.                      US:AMZN                   -7.6%                23.7%                23.0% 
Microchip Technology Inc.            US:MCHP                   -7.1%               -22.2%                45.6% 
Marriott International Inc. Class A  US:MAR                   -6.8%               -44.0%                39.5% 
Autodesk Inc.                        US:ADSK                   -6.5%                -4.7%                42.6% 
Cadence Design Systems Inc.          US:CDNS                   -6.5%                 9.3%                59.5% 
                                                                                              Source: FactSet 

Don't miss:Seven stock picks from a five-star money manager's 'disruptive' portfolio (link)

-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

05-02-20 0718ET

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