MARKET PULSE- Goldman Sachs, IBM, Peabody, Winnebago, Portola Pharma
Wall Street opened lower on Thursday as investors turned their focus to the earnings of heavyweight companies such as IBM, in the wake of agreement by lawmakers in Washington to reopen the federal government and raise the debt ceiling.
The Dow Jones industrial average was down 0.56 percent. The Standard & Poor's 500 Index was down 0.22 percent, while the Nasdaq Composite Index was down 0.26 percent.
** GOLDMAN SACHS GROUP INC, $158.58, down 2 pct (9:58 a.m. ET)
The bank's third-quarter profit fell 2 percent as weak bond-trading volumes hit revenue in its biggest business. Revenue from Goldman's fixed income, currency and commodities business, which undertakes trading for clients, fell 44 percent to $1.25 billion in the quarter ended Sept. 30.
** IBM, $175.20, down 6 pct (9:58 a.m. ET)
The company reported a 4 percent fall in third-quarter revenue, worse than expected by Wall Street, amid a decline in hardware and emerging markets even as it beat earnings estimates. [ID: nL1N0I620T]
** VERIZON COMMUNICATIONS INC, $48.41, up 2.5 pct (9:58 a.m. ET) Continued...