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But Adobe Systems, the maker of Web publishing software, was a bright spot, after posting earnings that beat expectations.
The drug company Schering-Plough swung to a profit in the third quarter, posting earnings of a penny a share.
Dell Computer jumped 98 cents, to $34.55, after posting earnings that beat estimates by a penny a share and gave a stronger outlook on corporate technology spending.
Ford raced to the front of the second-quarter auto profits race, posting earnings of a record $1.08 billion, up 54.7percentt from the 1985 period.
Daewoo Motor, which is negotiating a buyout with General Motors, recorded an operating profit in July for the fourth consecutive month, posting earnings before taxes of $10.4 million after sales of $350.1 million.
Economic growth is stronger than many had expected, yet company after company keeps posting earnings warnings.
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The rail car division posted earnings of $120 million in 1989.
DEALBOOK Wells Fargo Profit Rises 22% | Wells Fargo posted earnings of $5.2 billion for its 13th consecutive rise in quarterly earnings.
The company posted earnings of $5.4 billion for the three months ending on Sept. 30.
Time Warner, which also posted earnings on Wednesday, had better news to report on the film front.
Insurers led the gains as Allstate, Aflac and Lincoln National posted earnings that topped estimates.
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CEO of Professional Science Editing for Scientists @ prosciediting.com