US stocks open lower following mixed corporate reports

NEW YORK -- Wall Street declined moderately in early trading Thursday after a batch of mixed earnings reports made investors more cautious about buying stocks in an uncertain economy.

Merrill Lynch & Co. reported a first-quarter loss of $2.14 billion, a shortfall that was wider than the average analyst estimate. The loss came after the world's largest brokerage wrote down the value of assets tied to mortgages and leveraged loans by several billion dollars. The company also said it would eliminate a total of 4,000 jobs.

Merrill's report followed a larger-than-anticipated rise in IBM Corp.'s quarterly earnings, but there were also disappointing results from Nokia Corp., the world's biggest mobile phone company, as well as drug maker Pfizer Inc. and student lender Sallie Mae.

Wall Street's pullback comes a day after stocks shot higher on the heels of stronger-than-expected earnings from JPMorgan Chase & Co., Coca-Cola Co. and Intel Corp.

In the first minutes of trading, the Dow Jones industrial average fell 29.23, or 0.23 percent, to 12,590.04.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 4.84, or 0.35 percent, to 1,359.87, and the Nasdaq composite index fell 9.79, or 0.42 percent, to 2,340.32.

(Agencies)