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Stocks Mixed on Earnings Reports       07/23 12:30

   U.S. stock indexes were mostly higher in midday trading Wednesday as 
investors weighed positive earnings in the technology sector against 
disappointing news out of aircraft giant Boeing and other companies. 
Biotechnology stocks were among the biggest gainers.

   NEW YORK (AP) -- U.S. stock indexes were mostly higher in midday trading 
Wednesday as investors weighed positive earnings in the technology sector 
against disappointing news out of aircraft giant Boeing and other companies. 
Biotechnology stocks were among the biggest gainers.

   KEEPING SCORE: The Dow Jones industrial average fell 21 points, or 0.1 
percent, to 17,092 as of 12:16 p.m. Eastern. The Standard & Poor's 500 index 
rose five points, or 0.3 percent, to 1,988 and the Nasdaq composite rose 20 
points, or 0.5 percent, to 4,477.

   BIG TECH: Apple reported higher quarterly profits after the market closed 
Tuesday, topping analysts' estimates. Sales of iPads slipped, but iPhone 
shipments increased 13 percent over the same period a year earlier. Apple rose 
$2.62, or 3 percent, to $97.33.

   GAME OVER: Electronic Arts fell $2.02, or 5 percent, to $36.40. The video 
game publisher reported a 51 percent increase in earnings on Tuesday, but the 
company said it will have to delay the release of the latest iteration of its 
popular "Battlefield" title until 2015, missing the crucial holiday sales 
season.

   NO LIFT: Boeing fell $3.23, or 2.5 percent, to $126.51, the biggest decline 
in the Dow, after the aircraft maker reported revenue that didn't match 
analysts' expectations.

   TURNING INWARD: Investors are focusing their attention on U.S. corporations 
this week instead of the geopolitical turmoil in Israel and Ukraine. However, 
strategists say that with markets trading at near all-time highs, any bad news 
could be worrisome for U.S. stocks.

   "Geopolitical flare-ups, European bank-related market jitters, today's 
stretched valuations and relatively low market volatility leave (the market) 
vulnerable to bad news," Blackrock's Chief Investment Strategist Russ 
Koesterich, wrote in a note to investors.

   BIOTECH SOARS: Shares of Puma Biotechnology, a drug development company, 
soared after the company disclosed positive trial results for an experimental 
breast cancer drug. Puma rose $165.80, or 281 percent, to $224.63. Biogen Idec 
rose $31.15, or 10 percent, to $334.74 after the company's quarterly results 
came in above investors' expectations.

   BONDS AND OIL: Prices for U.S. government bonds rose. The yield on the 
10-year Treasury note dipped to 2.46 percent from 2.47 percent late Tuesday. 
Benchmark U.S. crude oil rose 82 cents to $103.21 a barrel.


(KA)


 
 
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