Weak earnings drag stocks lower in early trade

AP News
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Posted: Aug 07, 2013 9:51 AM
Weak earnings drag stocks lower in early trade

NEW YORK (AP) — Stocks are falling for a third day in a row on Wall Street after several companies reported weak earnings.

Marathon Oil and First Solar dropped after their earnings fell shy of what analysts were expecting. Disney fell after its results were held back by costs related to "The Lone Ranger."

The Dow Jones industrial average fell 56 points, or 0.4 percent, to 15,460 early Wednesday.

The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,692. The Nasdaq composite was down four points, or 0.1 percent, to 3,662.

Zillow, a real estate website, fell 5 percent to $86.19 after reporting a loss in the second quarter as its costs nearly doubled.

The yield on the 10-year Treasury note slipped to 2.63 percent from 2.64 percent.