US Stocks Slip on Tech Slumps

US Stocks Slip on Tech Slumps

NEW YORK (AP) -- U.S. stocks are slightly lower in Wednesday morning trading as tech stocks are hammered following weak results from Apple and Twitter. Energy companies continue to rise as the price of oil reached its highest price since November.

KEEPING SCORE: The Dow Jones industrial average dipped 40 points, or 0.2 percent, to 17,950 as of 10:06 a.m. The Standard & Poor's 500 index fell 5 points, or 0.2 percent, to 2,087. The Nasdaq composite index dropped 43 points, or 0.9 percent, to 4,845.

TECH IN TROUBLE: Apple fell $7.79, or 7.5 percent, to $96.54 after it reported its first decline in iPhone sales as smartphone sales slow down. Apple also reported its first decline in overall revenue since 2003, and it forecast similar results in the current quarter.

Twitter dropped $2.81, or 15.9 percent, to $14.94. The company's first-quarter revenue fell short of expectations and its guidance disappointed investors.

OIL PRICES: Benchmark U.S. crude oil rose 96 cents, or 2.2 percent, to $45 a barrel in New York. Brent crude, the international standard, added $1.02, or 2.2 percent, to $46.76 a barrel in London.

Halliburton gained $1.03, or 2.6 percent, to $41.25 and Oneok climbed $1.88, or 5.2 percent, to $38.13.

MEDICAL DEVICES: Boston Scientific climbed $1.92, or 9.8 percent, to $21.61 after it swung to a profit in the first quarter, and earnings and sales were better than expected. It also raised its projections for the year.

Edwards Lifesciences's profit was better than expected and sales surged past Wall Street estimates. The heart valve maker also raised its profit and sales forecasts for the year. Its stock picked up 75 cents to $109.59.

OUT TO LUNCH: Buffalo Wild Wings tumbled $21.16, or 14.6 percent, to $123.46 after the wings chain's sales fell short of analyst projections.

Chipotle Mexican Grill fell $20.46, or 4.6 percent, to $425.47. It posted its first loss as a public company along with weak sales as sales at older stores plunged following an E. coli outbreak and Norovirus scare.

EBAY EXCITEMENT: E-commerce company eBay's profit and sales were greater than expected, and it gave solid projections for the current quarter. The stock rose $1.37, or 5.6 percent, to $25.87.

DREAMING OF A DEAL: DreamWorks Animation rocketed $4.88, or 18 percent, to $32 on reports the company behind the "Shrek" and "Kung Fu Panda" franchises might be acquired by Comcast.

U.S. STEEL FALLS: The steel maker took a larger loss than expected and its revenue missed estimates. Itsstock gave up 38 cents, or 2.1 percent, to $18.11.

OVERSEAS: Germany's DAX advanced 0.6 percent and the CAC-40 in France was 0.5 percent higher. Britain's FTSE 100 was up 0.3 percent. Japan's benchmark Nikkei 225 closed 0.4 percent. Hong Kong's Hang Seng fell 0.2 percent.

CENTRAL BANKS: The Federal Reserve will wrap up a meeting Wednesday afternoon. It's not expected to raise interest rates, but investors will be interested in the Fed's views on the U.S. and global economies and if there's any indication that borrowing costs may rise in June. The Bank of Japan could announce a new stimulus package on Thursday.

BONDS, CURRENCIES: Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 1.89 percent from 1.93 percent. The dollar fell to 111.13 yen from 111.41 yen. The euro rose to $1.1328 from $1.1291.

(KA)