In company news, shares in Wachovia fell 3.68 per cent to $46.37. The company posted a 10 percent decline in third-quarter profit on Friday, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs resulting from credit market turmoil. The drop was the first in six years. It concluded a dismal week for earnings at large U.S. banks, which have been battered by mounting consumer loan losses as the housing market slumps and sinking investor demand for mortgages and other debt.
Shares in Countrywide Financial dropped 7.75 per cent to $15.23. A large pension plan that owns shares in the struggling company has asked the board of the United States' largest mortgage lender to oust Chairman and CEO Angelo Mozilo. The American Federation of State, County and Municipal Employees, which counts nearly 1.5 million members, made the request to the company's board late Thursday.
Honeywell International shares fell 3.91 per cent to $58.32 amid a broad market pullback. The Diversified manufacturer reported a 14 percent rise in third-quarter earnings and boosted its outlook for full-year profit and sales. However one analyst described Honeywell's profit margins in its transportation and automation segments as disappointing. Net income grew to $618 million for the three months ending September 30.
And Shares in Caterpiller dropped 5.27 per cent to $73.57. The heavy-equipment maker reported its third-quarter earnings rose 21 per cent but the company lowered its outlook for the year. Revenue increased 9 per cent to just over $11 billion, up from about $10.5 billion in the year before. The company cited strength in integrated services, the business that combines financial services, parts, logistics and other operations.
To the best and worst performers in the Nasdaq Top 100. Intuitive Surgical topped the list with shares up 5.03 per cent to $269.34. Shares in Biogen Idec and Google also did well.
Sandisk was the worst performer, falling 15.11 per cent to $42.71. Shares in Paccar and Ryanair Holdings also lost value on Friday.
