Profit warnings send stocks down
NEW YORK -- Stocks fell sharply again Wednesday as hopes for stronger profit growth in the second half of the year grew more suspect with warnings from DuPont, Hewlett-Packard and Computer Associates.
The Dow Jones industrial average fell 61.28 to 9,128.91 after halving a midday deficit of 115 points.
Declining issues outnumbered advancers by nearly a 2-to-1 margin on the New York Stock Exchange, where composite volume totaled 888.53 million shares, up from 802.06 million on Tuesday.
Bank reports double-digit rises
People's Community Bank has not yet hit its earnings stride but is reporting double-digit increases in loans and deposits since last quarter.
The Aiken-based bank, owned by People's Community Capital Corp., is reporting a $51,000 net loss for the second quarter, or 5 cents per share. The loss is an improvement from its first quarter $88,000 net loss. The company expects to see its first revenues "between now and the end of 1999," according to Chief Executive Officer Tommy B. Wessinger.
Bank assets have grown to $29.7 million, a 9 percent increase from the last quarter and a 40 percent increase since Dec. 31, 1997, the company said. Net loans have grown to $11.9 million, a 55 percent increase since last quarter and a 207 percent increase since Dec. 31, 1997.
Deposits have grown to $20.3 million, a 14 percent increase since last quarter. The company also reported that it has received state and federal approval for a second branch office in Aiken, Mr. Wessinger said.
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