US STOCKS-Wall St drops 1 pct on earnings, housing data

* Goldman posts lower earnings, revs

* June housing starts fall more than expected

* Indexes off: Dow 1.2 pct, S&P 1.1 pct, Nasdaq 1.6 pct

* For up-to-the-minute market news see [STXNEWS/US]

By Chuck Mikolajczak

NEW YORK, July 20 (BestGrowthStock) – Wall Street fell on Tuesday
after disappointing revenues stood out in a flurry of quarterly
corporate scorecards and housing data gave more evidence of a
slowing economy.

Goldman Sachs Group Inc (GS.N: ) lost 1.3 percent to $144.13
after posting lower second-quarter earnings and revenue. For
details, see [ID:nN19184420]

International Business Machines Corp (IBM.N: ) fell 4.7
percent to $123.72 a day after reporting that revenues rose 2
percent but still missed estimates as new technology services
contracts declined. [ID:nN19191611]

The reports are the latest in a string of corporate results
showing foundering revenues. Investors are watching the
top-line results for any signs of growth in the economy.

“It’s all about revenue. We did this last summer where we
would beat on the bottom line and miss on the top. Last year it
didn’t matter, the market went up. But this year the misses are
not going to be tolerated,” said Jamie Cox, managing partner of
Harris Financial Group in Colonial Heights, Virginia.

The Dow Jones industrial average (.DJI: ) dropped 122.76
points, or 1.21 percent, to 10,031.67. The Standard & Poor’s
500 Index (.SPX: ) lost 11.26 points, or 1.05 percent, to
1,059.99. The Nasdaq Composite Index (.IXIC: ) shed 34.14 points,
or 1.55 percent, to 2,164.09.

Fellow Dow component Johnson & Johnson (JNJ.N: ) dropped 2.5
percent to $58.10 after the diversified healthcare company said
revenue fell far short of expectations and cut its profit
forecast for the second time this year. [ID:nN20247891]

Texas Instruments Inc (TXN.N: ) also missed revenue
expectations due to weaker-than-expected orders from one mobile
phone customer, identified by analysts as Nokia.
(NOK1V.HE: )(NOK.N: )

The chipmaker’s shares slumped 5.4 percent to $24.18, while
the PHLX Semiconductor index (.SOXX: ) lost 3.4 percent.

Adding to the dour tone on Wall Street, U.S. housing starts
fell more than expected in June to their lowest level in eight
months, supplying further evidence the economy lost momentum in
the second quarter. But a rise in permits offered a glimmer of
hope that homebuilding could pick up. [ID:nN20249501]

Apple Inc (Read more about Apple stock future.) (AAPL.O: ), Yahoo Inc (YHOO.O: ), Altera Corp
(ALTR.O: ) and Gilead Sciences Inc (GILD.O: ) are due to report
later Tuesday.

Stock Market Report

(Reporting by Chuck Mikolajczak; additional reporting by Leah
Schnurr; editing by Jeffrey Benkoe)

US STOCKS-Wall St drops 1 pct on earnings, housing data