P&G, AT&T drop after earnings, holding back Dow


Specialist Michael Pistillo, right, works on the floor of the New York Stock Exchange Wednesday, April 24, 2013. Stock indexes are little changed in early trading on Wall Street following mixed earnings results from Apple, Ford, Boeing and other major U.S. companies. (AP Photo/Richard Drew)


NEW YORK — Weak earnings forecasts from Procter & Gamble and AT&T held the Dow Jones industrial average back on a mixed day for the stock market.

P&G, which makes Tide detergent and Gillette razors, fell 5 percent after predicting weaker profits than analysts were expecting. AT&T dropped 6 percent after losing subscribers from contract-based plans for the first time as smartphones sales slow.

The Dow was down 24 points at 14,695 as of midday today, a fall of 0.1 percent.

The Standard & Poor’s 500 index was up a point, less than 0.1 percent, at 1,579. The Nasdaq composite was down five points, or 0.2 percent, at 3,263.

A weak report on sales of durable goods also discouraged investors.

Oil and gold prices rose. Bond yields were little changed.