US stocks drift lower in midday trading as corporate earnings wind down; CBS slides

The Associated Press
May 9, 2014 08:47 AM

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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