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Tuesday May 21st, 2019 5:13AM

Stocks fall on mixed corporate earnings

By The Associated Press
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NEW YORK (AP) — A mixed bag of corporate earnings pushed stocks lower in midday trading Wednesday.

Video-game makers were the biggest losers. Take-Two Interactive and Electronic Arts plunged after releasing weak forecasts, citing tougher competition.

Skyworks Solutions jumped after announcing a $2 billion stock buyback plan, lifting several chipmakers.

Snap, which operates the photo-messaging app Snapchat, soared after reporting a giant increase in sales and slashing its quarterly loss in half.

The mixed results continue rolling out, with more than half of companies having already reported earnings. The results are mostly beating forecasts, helping to allay some investors' fears over a slowdown in growth.

Broader economic concerns continue shadowing the market. Investors are still concerned about tariffs cutting into profits and consumers' wallets, along with a general slowdown in growth globally.

KEEPING SCORE: The Dow Jones Industrial Average fell 26 points, or 0.1 percent, to 25,388 as of noon. The S&P 500 index fell 0.2 percent and The Nasdaq composite fell 0.3 percent.

OH, SNAP: The company behind the popular photo-messaging app SnapChat surged 26 percent as advertising gains drove revenue growth in the fourth quarter. The revenue increase helped cut the company's losses. It also maintained its user base.

FANCY SHOES: The company behind Michael Kors, Jimmy Choo and now Versace surged after reporting earnings that were far larger than analysts were expecting. Capri Holdings' stock jumped 12 percent. Sales of its Jimmy Choo and Michael Kors lines were especially strong.

FORTNITE FIGHT: Take-Two and Electronic Arts plunged 12 percent and 14 percent, respectively, as the companies grapple with competition from Epic Games Inc.'s hit game Fortnite.

Take-Two, which makes Grand Theft Auto and Red Dead, gave investors a weak outlook for the current quarter. Electronic Arts' titles include various EA Sports games and The Sims.

Activision Blizzard, which makes Call of Duty and Candy Crush, fell 10 percent.

OVERSEAS: European markets were mostly lower. An unexpected drop in German factory orders put a damper on investor sentiment. Many Asian markets were closed for the lunar new year.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Financial Markets
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