US stocks are slipping on mixed earnings reports

BERNARD CONDON AP Business Writer Published:

NEW YORK (AP) -- U.S. stocks are lower in midday trading Friday as the first-quarter reporting season draws to a close. Eight of the ten industry groups in the Standard and Poor's 500 index are down. CBS dropped more than 3 percent on disappointing revenue.

KEEPING SCORE: The Dow Jones industrial average slipped five points, or 0.03 percent, to 16,546 at 12 noon Eastern Time. The Standard & Poor's 500 index edged lower by three points, or 0.2 percent, to 1,872. The Nasdaq composite eased down four points, or 0.1 percent, to 4,047.

CBS DROP: CBS fell $2.13, or 4 percent, to $55.88 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 $4.74, or 3 percent, to $147.25 after its revenue forecast disappointed investors.

RETAILER RISES: Gap rose $1.55, or 4 percent, $40.79 after the clothes store chain reported strong sales results for April and provided better-than-expected guidance for the first quarter.

THE QUOTE: "There's a pause here, but I think it's a pause before a rise rather than a fall," said David Kelly, chief global strategist at JPMorgan Funds. "The economic numbers will continue to get better."

HOTELIER HIGHER: Hilton Worldwide Holdings rose 66 cents, or 3 percent, to $23.30. The hotel chain reported first-quarter earnings of 13 cents versus the nine cents that analysts had expected.

SYMANTEC RISE: Symantec Corp. rose 78 cents, or 4 percent, to $20.91. The security software maker said cost cuts helped boost its fourth-quarter profit margins and net income.

OVERSEAS MARKETS: European markets fell amid renewed jitters about Ukraine. Pro-Russian militants are pressing ahead with plans for an independence referendum. Britain's FTSE 100 fell 0.4 percent and Germany's DAX dropped 0.3. France's CAC-40 dropped 0.7 percent. In Asia, Hong Kong's Hang Seng rose 0.1 percent. Japan's Nikkei 225 stock average gained 0.3 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 rose 43 cents, or 0.4 percent, to $100.69 a barrel.