BUZZ-U.S. Stocks on the Move-Steven Madden, IBM, Sinocoking

Mon Oct 20, 2014 9:48am EDT
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(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter,; for the Morning News Call newsletter,

U.S. stocks fell at the open on Monday to extend four consecutive weeks of losses as indexes were weighed by IBM, which fell more than 7 percent on disappointing quarterly results. The Dow Jones industrial average was down 0.46 percent at 16,305.01, the S&P 500 was up 0.10 percent at 1,888.66 and the Nasdaq Composite dropped 9.91 points, or 0.23 percent, to 4,248.53.

** IBM CORP, $168.91, -7.22 pct

IBM said it no longer expected to achieve its 2015 operating earnings target of at least $20 per share after weak client spending resulted in an unexpected fall in quarterly earnings and revenue.

The company also said it would hive off its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc to focus on cloud computing and big data analytics.

** SINOCOKING COAL AND COKE CHEMICAL INDUSTRIES INC , $3.94, +67.66 pct   Continued...