Stocks edge lower as investors assess company earnings; IBM drops on weak revenue outlook

Steve Rothwell, The Associated Press 0

NEW YORK, N.Y. – Stocks are edging mostly lower as investors pored over the latest batch of company earnings reports.

IBM dropped after its revenue fell short of what investors were expecting. Chipmaker AMD also plunged after predicting a drop in revenue.

The Dow Jones industrial average was down 62 points, or 0.4 per cent, to 16,352 at midday Wednesday.

The Standard & Poor’s 500 index was down a point at 1,842 and the Nasdaq composite was up nine points, or 0.2 per cent, at 4,235.

Coach slumped 7 per cent after the luxury goods maker reported a lower quarterly profit, citing weakness in women’s bags and accessories in North America.

Small-company stocks are doing better than large ones since the beginning of the year, continuing a trend from 2013.

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