Quar­terly re­ports from some big banks fail to mo­ti­vate in­vestors as in­dexes lag

Pittsburgh Post-Gazette - - Business -

stocks fell and so did other banks. They’ve made big gains over the last month.

CFRA In­vest­ment Strate­gist Lind­sey Bell said the com­pa­nies re­ported good re­sults from con­sumer bank­ing busi­nesses, but other di­vi­sions didn’t do as well.

“The bar was set kind of high,” she said. “Given the run that th­ese stocks have had into th­ese earn­ings re­ports, they’re go­ing to need to see th­ese other busi­nesses pick up steam.”

The Stan­dard & Poor’s 500 in­dex fell 4.31 points, or 0.2 per­cent, to 2,550.93. The Dow Jones in­dus­trial av­er­age lost 31.88 points, or 0.1 per­cent, to 22,841.01. The Nas­daq com­pos­ite dipped 12.04 points, or 0.2 per­cent, to 6,591.51. Those three in­dexes closed at record highs Wed­nes­day. The Russell 2000 in­dex of smaller-com­pany stocks slumped 1.76 points, or 0.1 per­cent, to 1,505.16. More stocks rose than fell on the New York Stock Ex­change.

AT&T said it lost about 90,000 DirecTV video sub­scribers in the U.S. in the third quar­ter be­cause of grow­ing com­pe­ti­tion in stream­ing video ser­vices. That’s a big­ger drop than the one it re­ported a year ago even though it has launched DirecTV Now, an on­line ser­vice that doesn’t cost as much.

The com­pany said tighter credit stan­dards and hur­ri­canes also af­fected its busi­ness. AT&T stock fell $2.33, or 6.1 per­cent, to $35.86.

Ver­i­zon Com­mu­ni­ca­tions shed 51 cents, or 1 per­cent, to $48.35 and cable provider Com­cast fell $1.47, or 3.8 per­cent, to $35.95. Dish Net­work slid $2.62, or 5.1 per­cent, to $49.03. Cable chan­nel op­er­a­tor Dis­cov­ery Com­mu­ni­ca­tions lost 72 cents, or 3.6 per­cent, to $19.28.

In­dus­trial and trans­porta­tion com­pa­nies like rail­roads did bet­ter than the rest of the mar­ket. Ma­chin­ery maker Cater­pil­lar gained

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