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U.S. stocks open mixed amid earnings reports

Xinhua, April 20, 2016 Adjust font size:

U.S. stocks opened narrowly mixed Wednesday, as Wall Street digested a slew of quarterly earnings reports from big companies.

After Tuesday's closing bell, Yahoo! Inc. reported adjusted profit of 8 cents per share for the first quarter of 2016, generally in line with market estimates.

However, most of the attention from investors is focusing on the ongoing sale process for Yahoo's core Internet business. The company's shares jumped over 2 percent in early trading Wednesday.

Shares of Intel were little changed in early trading Wednesday after the tech giant posted quarterly earnings above market expectations and revenues on par with forecasts.

Shares of Coca-Cola tumbled about 4 percent in early trading Wednesday after the release of the world's biggest beverage maker's lackluster quarterly results.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the first quarter of 2016 are expected to decrease 7.6 percent year on year, while the revenue is forecast to decline 1.3 percent.

Shortly after the opening bell, the Dow Jones Industrial Average edged down 1.16 points, or 0.01 percent, to 18,052.44. The S&P 500 edged up 0.79 point, or 0.04 percent, to 2,101.59. The Nasdaq Composite Index added 2.99 points, or 0.06 percent, to 4,943.32.

On Tuesday, U.S. stocks closed mixed as Wall Street digested quarterly earnings reports from big companies and the country's housing market data. Endi