US stocks are mixed in early trading

AP News
Posted: Jan 22, 2014 9:55 AM

NEW YORK (AP) — The U.S. stock market is mixed in early trading after disappointing results from IBM.

The Dow Jones industrial average was down 41 points, or 0.3 percent, to 16,372 shortly after the market opened Wednesday.

The Standard & Poor's 500 index was flat at 1,843 and the Nasdaq composite rose four points, or 0.1 percent, to 4,230.

IBM fell $8.13, or 4 percent, to $180.30 after the computing company late Tuesday reported lower-than-expected revenue in the fourth quarter.

Coach slumped $3.50, or 7 percent, to $49.05 after the company reported a lower quarterly profit, citing weakness in women's bags and accessories in North America.

Advanced Micro Devices fell 44 cents, or 10 percent, to $3.73 after the chip issued a weak revenue outlook for the current quarter.