Stocks Lower on Earnings

July 22, 2008 7:06:43 AM PDT
Wall Street is down in early trading after disappointing quarterly results from Wachovia Corp. and other blue chips rattled investors worried about the impact of the ongoing credit crisis. Wachovia, the nation's fourth-largest bank, reported an $8.86 billion loss because of charges and reserves for bad mortgage loans. The report is especially sobering for investors who last week sent stocks soaring on better-than-estimated results from other major financial companies.

Investors also reacted to disappointing results from American Express Co., Apple Inc., and Texas Instruments Inc.

The Dow Jones industrials fell 66 points to the 11,400 level.