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A mixed open for US stocks; IBM pulls the Dow lower; Steve Madden falls on earnings

NEW YORK, N.Y. – Stocks are opening mostly lower as traders look over some disappointing corporate results.

IBM fell the most in the Dow Jones industrial average after the company said it will pay $1.5 billion to Globalfoundries to shed its costly chip division.

The Dow sank 92 points, or 0.6 per cent, to 16,288 as of 9:35 a.m. Eastern time Monday. Nearly all of the decline was due to IBM.

Broader market indexes were slightly higher.

The Standard & Poor’s 500 edged up two points, or 0.2 per cent, to 1,889. The Nasdaq rose 13 points, or 0.3 per cent, to 4,272.

The price of oil fell slightly. U.S. crude declined 19 cents to $81.87 a barrel.