Midday Leaders & Laggards: DJIA

The blue chip index dipped 40.31 points to 11,341.95. The Commerce Department reported Wednesday that U.S. factory orders increased 0.6 percent in May. That matched Wall Street's estimates but shows that demand for automobiles, heavy equipment and steel is getting weaker.

On Tuesday, GM said its sales fell 18.2 percent in June. Wall Street expected worse totals, however, and the shares rallied that afternoon. But a Merrill Lynch analyst downgraded the stock to "Underperform" from "Buy" Wednesday, and a Citi analyst cut his price target. The stock fell $1.15, or 9.8 percent, to $10.60.

Shares reached a low of $10.50. That was their lowest adjusted price since September 1954, according to the Center for Research in Security Prices at the University of Chicago.

Shares of heavy machinery maker Caterpillar Inc. shed $2.70, or 3.6 percent, to $71.39.

Aluminum maker Alcoa Inc. gave up $1.42, or 4.1 percent, to $33.02.

On the positive side, 12 of the 30 Dow components traded higher. Shares of JPMorgan Chase & Co. advanced 92 cents, or 2.7 percent, to $24.94.

Drug maker Merck & Co. was on pace for its fourth straight day of gains, adding 29 cents to $38.65. Through Tuesday, Merck stock has gained 9.2 percent since June 20.

Shares of Coca-Cola Co. set an annual low of $50.87 early in the session, but rebounded and are up 22 cents to $51.22.