NEW YORK: Wall Street stocks were mixed early Thursday, with the Dow rising and the Nasdaq falling on weakness in Netflix and Tesla after earnings reports.
A heavy round of earnings reports over the last day also included releases from IBM, United Airlines and Johnson & Johnson.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 35,236.71. The index has risen the last eight days.
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The broad-based S&P 500 was essentially flat at 4,564.03, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 14,308.85.
“Considering how much stocks have rallied,” Thursday’s muted open represents “a pretty minor reaction,” said LBBW’s Karl Haeling.
Among individual companies, Netflix sank 8.2 percent despite announcing a surprisingly robust addition of 6 million customers in the wake of its crackdown on password sharing.
But the streaming service missed revenue estimates and faced questions on the effects of a writers and actors strike that has mostly shut down Hollywood.
Tesla dropped 5.2 percent despite topping analyst estimates for earnings per share and revenues. But the electric car maker saw profit margins erode as the result of price cuts.
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