NEW YORK (AP) _ Stocks opened lower Friday on profit taking and some disappointing corporate earnings announcements.

After the first 15 minutes of trading, the Dow Jones industrial average was down 36.42 to at 10,807.45.

Among broader market indicators, the Nasdaq composite index was down 31.98 at 4,152.58. The Standard & Poor's 500 was down 3.63 at 1,491.84, and the Russell 2000 index of smaller companies was down 2.84 at 531.89.

Investors apparently were taking a breather after Thursday's run-up, sparked by encouraging remarks from Federal Reserve Chairman Alan Greenspan and strong IBM earnings. The Dow on Thursday rose 147.79 at 10,843.87 and the Nasdaq gained 128.93 to close at 4,184.56.

A few earnings disappointments added to Friday's selling. One was from Agilent Technologies, the test and measurement spinoff of Hewlett-Packard, which late Thursday said it expects fiscal third-quarter earnings to fall way short of expectations.

Also, Ericsson AB, the world's largest maker of cellular-phone and telecommunications equipment maker, said early Friday that third-quarter profits will fall below the first- and second-quarter levels.