June 23, 2003 — Stocks lost ground as a flurry of earnings warnings discouraged investors ahead of the Federal Reserve’s decision on interest rates later this week.
Losing stocks included Tenet Healthcare (THC), which traded down after forecasting that second quarter and full-year profits will lag Wall Street estimates.
Consumer products maker Unilever N.V. (UN) slid. The company said it expects sales of its leading brands to increase by 4% this year; it previously predicted growth of 6%.
Investors sold shares of Avery Dennison Corp (AVY) after the maker of adhesive labels and stamps and school notebooks lowered its second quarter profit forecast.
Biotechnology stocks IDEC Pharmaceuticals (IDPH) and Biogen Inc (BGEN) retreated following their merger announcement.
Drug store chain Walgreen Co (WAG) saw its stock weaken after it posted higher fiscal third quarter profits but said operating performance failed to meet its expectations.
The Dow ended the day down 127.80 points at 9,072.95, while the Nasdaq slumped 33.90 points to 1,610.82, and the Standard & Poor’s 500 index fell 14.04 points to 981.65.