News Column

Stocks drift lower as corporate earnings wind down

May 9, 2014

NEW YORK (AP) Stocks are drifting lower in early trading as U.S. corporate earnings wind down.

Ralph Lauren sank 5 percent after its revenue forecast disappointed investors.

The Dow Jones industrial average slipped 44 points, or 0.3 percent, to 16,505 in the first few minutes of trading Friday.

The Standard & Poor's 500 index fell seven points, or 0.4 percent, to 1,868. The Nasdaq composite gave up 15 points, or 0.4 percent, to 4,036.

CBS fell 3 percent after the media company's first-quarter revenue fell short of analysts' projections. Advertising sales at television's top-rated network slumped 12 percent.

Symantec rose 4 percent after the security software maker said cost cuts helped boost its fourth-quarter profit margins and net income.

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Source: Associated Press

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