Stocks drift lower as corporate earnings wind down
NEW YORK (AP) — Stocks are drifting lower in midday trading as U.S. corporate earnings wind down.
CBS fell 4 percent after the media company’s first-quarter revenue fell short of analysts’ projections. Advertising sales at television’s top-rated network slumped 12 percent.
Ralph Lauren fell 3 percent after its revenue forecast disappointed investors.
The Dow Jones industrial average slipped 13 points, or 0.1 percent, to 16,537 as of noon Eastern time Friday.
The Standard & Poor’s 500 index fell four points, or 0.2 percent, to 1,871. The Nasdaq composite gave up eight points, or 0.2 percent, to 4,043.
Symantec rose 4 percent after the security software maker said cost cuts helped boost its profit margins.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 percent.