Markets are weighed down by disappointing earnings

AP News
Posted: Oct 22, 2012 11:51 AM
Markets are weighed down by disappointing earnings

Stocks are mostly lower in midday trading as investors digest some weak earnings reports.

The Dow Jones industrial average was off nine points at 13,334 shortly before noon Monday. It was moving between small gains and losses all morning.

The Standard & Poor's 500 was off less than two points at 1,431 and the Nasdaq composite inched up six points to 3,011.

Hasbro, the toymaker behind brands like My Little Pony and Transformers, said its sales for boys and preschool were less than the company had hoped. The results still beat analysts' expectations.

Clothing maker VF Corp., whose brands include The North Face and Wrangler, slipped after its revenue fell short of analysts' estimates.

Caterpillar cut its 2012 profit forecast, saying the global economy is weaker than it previously thought.