Stocks drift lower as corporate earnings wind down
NEW YORK (AP) — Stocks are drifting lower in early trading as U.S. corporate earnings wind down.
Ralph Lauren sank 5 percent after its revenue forecast disappointed investors.
The Dow Jones industrial average slipped 44 points, or 0.3 percent, to 16,505 in the first few minutes of trading Friday.
The Standard & Poor’s 500 index fell seven points, or 0.4 percent, to 1,868. The Nasdaq composite gave up 15 points, or 0.4 percent, to 4,036.
CBS fell 3 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.
Symantec rose 4 percent after the security software maker said cost cuts helped boost its fourth-quarter profit margins and net income.