NEW YORK, N.Y. - Stocks are drifting lower in midday trading as U.S. corporate earnings wind down.
CBS fell 4 per cent after the media company's first-quarter revenue fell short of analysts' projections. Advertising sales at television's top-rated network slumped 12 per cent.
Ralph Lauren fell 3 per cent after its revenue forecast disappointed investors.
The Dow Jones industrial average slipped 13 points, or 0.1 per cent, to 16,537 as of noon Eastern time Friday.
The Standard & Poor's 500 index fell four points, or 0.2 per cent, to 1,871. The Nasdaq composite gave up eight points, or 0.2 per cent, to 4,043.
Symantec rose 4 per cent after the security software maker said cost cuts helped boost its profit margins.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 per cent.
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