Investors Whipsawed by Price Swings in IBM, Coca-Cola

Investors in three of the biggest Dow Jones Industrial Average stocks were whipsawed by price swings that repeated every hour yesterday, fueling speculation the moves were a consequence of computerized trading.

Shares of International Business Machines Corp., McDonald’s Corp. and Coca-Cola Co. swung between successive lows and highs in intervals that began near the top and bottom of each hour, data compiled by Bloomberg show. While only IBM finished more than 1 percent higher, the intraday patterns weren’t accompanied by any breaking news in the three companies where $3.42 billion worth of shares changed hands.