NEW YORK — Stocks are mixed in early trading Wednesday as investors pore over the latest batch of company earnings reports. IBM dropped after its revenue fell short of forecasts from financial analysts. Chipmaker AMD also plunged.
KEEPING SCORE: The Standard & Poor's 500 was up less than a point at 1,844 as of 10:03 a.m. Eastern. The Dow Jones industrial average fell 20 points, or 0.1 percent, to 16,394. The Nasdaq composite gained four points, or 0.1 percent, to 4,231.
BIG BLUES: IBM fell $5.16, or 2.7 percent, to $183.16 after the computing company reported lower-than-expected revenue in the fourth quarter. Revenue fell 5.5 percent, hurt by a drop at IBM's hardware business. Profit rose 6 percent and adjusted earnings beat Wall Street predictions, however. The company has reported declining revenues for seven straight quarters, according to analysts at RBC Capital.
HANDBAGS: Coach fell $3.50, or 6.7 percent, to $49.03 after the company reported a lower quarterly profit, citing weakness in women's bags and accessories in North America.
SMALL IS BEAUTIFUL: Much like last year, small companies are again outperforming their larger counterparts. While the S&P 500 has moved sideways since the start of year, and is down 0.3 percent this month, the Russell 2000, an index that tracks smaller companies, is up 1.2 percent. The Nasdaq is up 1.4 percent.
THE CHIPS FALL: Advanced Micro Devices plunged 44 cents, or 10.6 percent, to $3.73 after the company said late Tuesday that it expected its first-quarter revenue to fall 13 percent to 19 percent from the fourth quarter. That would translate into first-quarter revenue ranging from $1.29 billion to $1.38 billion, mostly below Wall Street's predictions.
AMONG THE GAINERS: TE Connectivity jumped $3.73, or 6.9 percent, to $60.28 after the electronics company reported earnings that beat analysts' expectations and posted a strong earnings outlook for the second quarter.
TREASURIES AND COMMODITIES: The yield on the 10-year Treasury note climbed to 2.85 percent from 2.83 percent late Tuesday. The price of oil rose 94 cents, or 1 percent, to $95.93 a barrel. Gold was little changed from Tuesday at $1,241.50 an ounce.
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