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U.S. stocks drift lower amid earnings reports

Xinhua, August 11, 2016 Adjust font size:

U.S. stocks traded lower around midday Wednesday as investors digested a string of earnings reports.

By noon, the Dow Jones Industrial Average fell 39.27 points, or 0.21 percent, to 18,493.78. The S&P 500 dipped 6.85 points, or 0.31 percent, to 2,174.89. The Nasdaq Composite Index was down 26.32 points, or 0.50 percent, to 5,199.16.

After Tuesday's closing bell, the Walt Disney Company reported quarterly earnings of 2.6 billion U.S. dollars for its third fiscal quarter ending July 2, 2016, an increase of 114 million dollars over the prior-year quarter. Diluted earnings per share for the quarter increased 10 percent to 1.59 dollars from 1.45 from a year ago.

The media and entertainment giant's shares rose about 1 percent around midday Wednesday after the release of the company's better-than-expected quarterly results.

Shares of Ralph Lauren Corp. soared over 10 percent around midday Wednesday after the U.S. retail brand delivered quarterly results well above market estimates.

Shares of Michael Kors fell nearly 1 percent around midday on a downbeat sales outlook, even though the handbag seller posted better-than-expected quarterly results.

On the economic front, the number of job openings was little changed at 5.6 million on the last business day of June, the U.S. Department of Labor reported Wednesday.

On Tuesday, U.S. stocks ended mildly higher, with the Nasdaq refreshing its record highs. Enditem