Stocks Plunge, Dow Drops 733

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Some major tech stocks turned lower Wednesday afternoon. Intel (INTC) reported third-quarter EPS of 35 cents, vs. 30 cents one year earlier, on slightly higher sales. Wall Street was looking for EPS of 34 cents. Intel sees fourth-quarter revenue of $10.1-$10.9 billion, with 59% gross margin, plus or minus a couple of points.

Among other stocks in the news Wednesday, Coca-Cola Co. (KO) reported third-quarter EPS of 81 cents, vs. 71 cents one year earlier, on a 9.1% revenue rise. The company posted 83 cents current-quarter EPS on a comparable basis.

Genentech (DNA) reported third-quarter non-GAAP EPS of 81 cents, vs. 73 cents one year earlier, on a 17% rise in operating revenue. The company said U.S. product sales rose 14%. Avastin sales rose 18%, Rituxan +15%, Herceptin +15%. Genentech sees 2008 non-GAAP EPS of $3.40-$3.45, narrowed from its previous view of $3.40-$3.50 due primarily to the cost of the employee retention programs, which is estimated to be 8 cents per share in 2008. Piper Jaffray reportedly upgraded the shares to buy from neutral.

Delta Air Lines (DAL) posted a third-quarter GAAP loss of 13 cents per share, vs. 56 cents EPS one year earlier, despite 9% higher operating revenue. Excluding items, the 2008 third-quarter loss was 7 cents.

CSX Corp. (CSX) reported third-quarter EPS from continuing operations of 94 cents, vs. 67 cents one year earlier, on 18% higher revenue. However, the company said "taking into account current economic conditions," it is now targeting the low end of its 2008 EPS guidance of $3.65-$3.75. Also, through 2010, CSX continues to target compound annual growth in operating income and EPS of 15%-20% and 20%-25%, respectively, as well as a high-60's operating ratio by 2010. CSX noted it has strong liquidity, access to credit, and expects free cash flow of about $1 billion in 2008.

CIT Group (CIT) announced its intention to sell approximately $8 million of common equity to facilitate the payment of quarterly dividends on the company's preferred stock in December.

Andrews is managing editor of the Investing Channel for BusinessWeek.com . McCormack is senior producer for BusinessWeek.com's Investing channel .