Stocks fall in early trading on weak earnings

Tue, 05/03/2011 - 6:17am
CHIP CUTTER - AP Business Writer - Associated Press

Stocks are opening slightly lower after several weak corporate earnings reports.

Clorox, Molson Coors Brewing and Pfizer all fell after releasing their results Tuesday. Pfizer's shares fell 2 percent after the company reduced its revenue forecast for 2011. Clorox and Molson Coors each fell about 4 percent as both companies reported lower net income due to higher costs for raw materials.

At the opening bell, the Dow Jones industrial average is down 9 points, or 0.1 percent, at 12,796. The Standard & Poor's 500 is down 3, or 0.2 percent, at 1,359. The Nasdaq composite is down 5, or 0.2 percent, at 2,860.

America's automakers will report April sales results later in the day. A separate report is expected to show that factory orders rose in March.


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