Stocks flat as investors digest earnings
NEW YORK (AP) — Stocks are opening flat on Wall Street as investors look over key corporate earnings reports.
Just after the opening bell, the Dow Jones industrial average is down 43 points at 13,508. The Standard & Poor's 500 index is up a fraction of a point at 1,455. And the Nasdaq composite index is off nine points at 3,091.
IBM is pulling down the Dow. Its revenue fell below expectations in its most recent quarter. IBM stock is down $9 at the open at $202. That's good for a 70-point drag on the Dow average.
Among other big corporate names reporting earnings today, Bank of America turned a small profit. Wall Street was expecting a loss. And PepsiCo says net income dipped 5 percent as it poured money into marketing.