Stocks mostly lower on mixed earnings reports

BERNARD CONDON AP Business Writer Published:

NEW YORK (AP) -- U.S. stocks are mostly lower Friday afternoon, but a handful of Internet companies turned higher after a recent sell-off. CBS dropped 3 percent on disappointing revenue.

KEEPING SCORE: The Dow Jones industrial average edged down 17 points, or 0.1 percent, to 16,533 as of 2:25 p.m. The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,872. The Nasdaq composite fell two points, less than 0.1 percent, to 4,049.

CBS DROP: CBS fell $1.61, or 2.8 percent, to $56.40 after first-quarter revenue fell short of analysts' projections. Advertising sales at television's top-rated network slumped 12 percent.

RETAILER SLUMPS: Ralph Lauren fell $3.79, or 2.5 percent, to $148.20 after its forecast for sales for the current quarter disappointed investors.

RETAILER RISES: Gap rose $1.51, or 4 percent, $40.75 after the clothes store chain reported strong sales results for April and provided better-than-expected guidance for the first quarter.

THE QUOTE: "The market has been vacillating, but I believe for the rest of the year, a warming economy ... will push the equity market up," said David Kelly, chief global strategist at JPMorgan Funds.

HOTELIER HIGHER: Hilton Worldwide Holdings rose 59 cents, or 2.6 percent, to $23.23. The hotel chain reported first-quarter earnings of 13 cents versus the nine cents that analysts had expected.

SYMANTEC RISE: Symantec Corp. rose 74 cents, or nearly 4 percent, to $20.87. The security software maker said cost cuts helped boost its fourth-quarter profit margins and net income.

TECH BOUNCE: After plunging for several weeks, some of the biggest technology and Internet companies rose slightly. Netflix and Twitter gained about 1 percent each, and LinkedIn rose 2 percent.

BONDS AND COMMODITIES: The yield on the 10-year Treasury note rose to 2.62 percent from 2.61 percent on Thursday. The price of oil fell 16 cents, or 0.2 percent, to $100.10 a barrel.