US stocks open lower as more earnings reports roll in; Yum Brands sinks on poor China sales

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NEW YORK, N.Y. – Stocks are opening lower as investors react to more disappointing earnings from companies.

L-3 Communications Holdings plunged 14 per cent, the most in the Standard & Poor’s 500 index, after the company reported that it was investigating accounting irregularities at is Aerospace Systems unit.

Yum Brands lost 6 per cent after the owner of the KFC and Pizza Hut fast-food chains said a food safety scandal in China is hurting its sales.

The S&P 500 index fell 15 points, or 0.8 per cent, to 1,955 in the first few minutes of trading Thursday.

The Dow Jones industrial average lost 120 points, or 0.7 per cent, to 16,761. The Nasdaq composite fell 38 points, or 0.9 per cent, to 4,424.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.58 per cent.

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