US stocks open mostly lower as earnings news flows in

AP News
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Posted: Jul 15, 2015 9:44 AM
US stocks open mostly lower as earnings news flows in

NEW YORK (AP) — U.S. stocks are opening mostly lower as the market loses steam after a four-day winning streak.

Several stocks were moving on earnings news early Wednesday. Bank of America gained 2.5 percent after reporting a big gain in profits as its legal costs fell sharply.

Railroad operator CSX rose 1.5 percent after its earnings came in ahead of expectations. KFC owner Yum Brands fell 2 percent after its revenue fell short of forecasts.

The Dow Jones industrial average was down 30 points, or 0.2 percent, to 18,023 as of 9:40 a.m. Eastern time.

The Standard & Poor's 500 index was down a point at 2,107. The Nasdaq composite climbed five points, or 0.1 percent, to 5,110.

Receptos jumped 11 percent after agreeing to be bought by the cancer drug maker Celgene.