Stocks edge lower; Pfizer weighs down the Dow

AP News
Posted: Apr 30, 2013 9:50 AM
Stocks edge lower; Pfizer weighs down the Dow

NEW YORK (AP) — Stock prices are opening mostly lower on Wall Street as weak earnings from Pfizer and other companies drag down major market averages.

The Dow Jones industrial average fell 48 points to 14,770 shortly after the opening bell Tuesday, a loss of 0.4 percent.

Pfizer was among the biggest decliners in the Dow after the drugmaker's results fell short of what Wall Street analysts were expecting. Pfizer also cut its profit forecast for 2013. Pfizer's stock fell 80 cents, or 2.6 percent, to $29.63.

The Standard & Poor's 500 index was down three points, or 0.2 percent, to 1,590. The S&P closed at a record high the day before.

The Nasdaq composite index was up half a point, or 0.01 percent, at 3,307.