Chip Stocks Down With Broader Market As General Electric 1st Quarter Disappoints Wall Street

NEW YORK (AP) -- Shares of major semiconductor companies fell Friday, as disappointing first-quarter results from General Electric spooked investors and sent the broader market lower.

Here's how the major chip companies fared in Friday morning trading:

Intel Corp., down 37 cents to $21.71

Texas Instruments Inc., down 35 cents to $29.72

Qualcomm Inc., down 66 cents to $41.92

Advanced Micro Devices Inc., down 4 cents to $6.23

Machinery Stocks Fall Along With Broader Market on Economy Worries After GE Report

NEW YORK (AP) -- Shares of machinery companies fell early Friday along with the overall market after a disappointing first-quarter report from General Electric stoked concern about the health of corporate profits and the wider economy.

How some machinery stocks were doing in early trading:

Manitowoc Co., down $1, or 2.4 percent, to $41.

Terex Corp., down $1.32, or 2 percent, to $65.42.

Cummins Inc., down $1.33, or 2.6 percent, to $49.18.

Caterpillar Inc., down 81 cents to $74.90.

Deere & Co., down $1.06 to $85.85.

Earnings Roundup: GE Reports Disappointing Profit, Forecast; Fastenal Earnings Rise

Among the earnings stories for Thursday, April 10, from AP Financial News:

Top stories:

HARTFORD, Conn. (AP) -- General Electric Co. reported a smaller-than-expected first-quarter profit on Friday and lowered its outlook for the full year, as a slowing U.S. economy sapped its financial services business. Its shares tumbled almost 12 percent in morning trading

Other stories:

WINONA, Minn. (AP) -- Fastenal Co. said Friday its first-quarter profit rose 26 percent as the maker of nuts, bolts, studs and other supplies boosted margins and found ways to limit damage from higher fuel prices.

SEOUL, South Korea (AP) -- Posco, the world's fourth-largest steelmaker, said Friday that its first-quarter net profit rose 5 percent on better sales and cost-cutting.

Atlas Air to Pay $95,000 to Settle Maintenance Complaint With FAA

PURCHASE, N.Y. (AP) -- Air freight company Atlas Air Worldwide Holdings Inc. said Friday that its Atlas Air Inc. subsidiary will pay $95,000 as part of a settlement with the Federal Aviation Administration related to a maintenance issue.

The May 2006 issue involves a single weld to an engine exhaust nozzle on one of Atlas's 747-200 Freighter aircraft, Atlas Air said.

Atlas said it is not admitting or denying any violation of FAA maintenance requirements. The terms of the settlement have been submitted to the federal court for its approval.

Atlas Air shares rose 11 cents to $58.62 in early trading.

Boyd Forms Joint Venture With Olympia Group Affiliate for Proposed Nevada Project

LAS VEGAS (AP) -- Boyd Gaming Corp. said Friday it formed a joint venture with an Olympia Group affiliate for a proposed casino resort complex in Nevada.

Boyd and Olympia Gaming said they filed an application with the City of North Las Vegas to develop a 66-acre, mixed-used regional entertainment facility.

Boyd, a casino operator, will be responsible for the complex's construction and management. Other details of the deal were not disclosed. If the proposed plans are approved, Boyd said it will work on the joint venture project instead of another 40-acre parcel it has in the same region.

Shares of Boyd Gaming dropped 46 cents, or 2.4 percent, to $19.03 in morning trading. The stock has traded in a 52-week range of $18.27 to $54.22.

Harbert Management Raises Passive Stake in Ashland Inc. to 11.4 Percent From 9.9 Percent

NEW YORK (AP) -- Harbert Management Corp. on Thursday reported increasing its passive stake in chemical company Ashland Inc. to 11.4 percent, in a filing with the Securities and Exchange Commission.

The investment manager and its affiliated funds, including Harbinger Capital Partners Master Fund I Ltd., now own 7.1 million shares.

Harbert previously reported owning about 6.3 million shares, representing a 9.9 percent stake in the Covington, Ky.-based company.

Harbert reported its holdings in an amended Schedule 13G filing, which indicates the investment is passive, and that the shares weren't acquired to change or influence control of the company.

Ashland shares fell 32 cents to $50.85 in morning trading Friday.

Shares of Household-Durable Goods Makers Fall As GE's Report Spreads Unease Through Street

NEW YORK (AP) -- Shares of makers of household-durable goods dropped Friday morning as Wall Street worried disappointing earnings and outlook from General Electric may portend more bad news for the economy.

How some shares of household-durables companies are trading:

Black & Decker Corp., down 94 cents to $66.49.

Whirlpool Corp., down $3.16, or 3.7 percent, to $82.05.

Snap-on Inc., down $1.30, or 2.5 percent, to $50.68.

Stanley Works, down 90 cents to $48.45.