Dow Wilts As It Waits For Earnings

Stocks ended lower on Monday as investors looked at some weak economic data and worried about third-quarter corporate profits.

Technology stocks, which have performed ahead of the market this year, were among the hardest hit.

The Dow Jones industrial average fell 27.82 points to 4,761.26.

Declining issues outnumbered advances by about 13 to 9 on the New York Stock Exchange. Volume on the floor of the Big Board came to 304.88 million shares as of 4 p.m., down from 335.22 million on Friday.

Earnings reports for the just-concluded third quarter are due out over the next few weeks and there have been indications from some large companies that the estimates of some stock analysts may be optimistic.

“Investors are worried that the outlook for earnings might not be so good,” said Michael Metz, investment strategist at Oppenheimer & Co. in New York.

Some of the stocks that moved substantially or traded heavily:

NYSE

Merck, up 7/8 to 56-7/8.

The company said the Federal Drug Administration okayed its treatment for osteoporosis, Fosamax. The drug was also cleared for treatment of Paget’s disease, a bone disorder.

Continental Airlines, Class A, up 5/8 to 37.

Goldman, Sachs apparently upgraded a rating on the stock.

Rockefeller Center Properties, up 3/4 to 8.

An investment group that includes David Rockefeller and Goldman, Sachs said late Sunday it has offered $297 million for control of Rockefeller Center.

Micron Technology, down 2-1/4 to 77-1/8.

Technology stocks ended sharply lower, pulling down the Nasdaq Stock Market amid concern about future earnings for the sector.

NASDAQ

Apria Healthcare, down 3 to 21-3/4

Smith Barney cut a rating on the stock.

Intermet Corp., up 1-7/8 to 13-1/8.

Intermet, which provides precision iron parts to automotive and industrial customers, said it received an offer to buy the company from GWM Inc. of Atlanta and Kelso & Co. of New York. The offer was for $13.50 a share.

AMEX

Epitope, down 2-3/8 to 11-5/8

Last week the company announced a restructuring that included cutting its work force by 28 percent and taking a fourth-quarter charge of $500,000.