Stocks drift lower as corporate earnings wind down

Associated Press
FILE - In this April 28, 2014 file photo, trader Michael Zicchinolfi, foreground left, and specialist Anthony Rinaldi, right, work on the floor of the New York Stock Exchange. Stocks are drifting lower in early trading Friday, May 9, 2014, as U.S. corporate earnings wind down. (AP Photo/Richard Drew, File)

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

CBS fell 4 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.

Ralph Lauren fell 3 percent after its revenue forecast disappointed investors.

The Dow Jones industrial average slipped 13 points, or 0.1 percent, to 16,537 as of noon Eastern time Friday.

The Standard & Poor's 500 index fell four points, or 0.2 percent, to 1,871. The Nasdaq composite gave up eight points, or 0.2 percent, to 4,043.

Symantec rose 4 percent 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 percent.