Stocks edge lower as investors assess earnings

By STEVE ROTHWELL | January 22, 2014 | 12:04 PM EST

FILE - In this Friday, Jan. 17, 2014, file photo, traders Michael Smyth, left, and Patrick McKeon, work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Stocks are edging mostly lower as investors pored over the latest batch of company earnings reports.

IBM dropped after its revenue fell short of what investors were expecting. Chipmaker AMD also plunged after predicting a drop in revenue.

The Dow Jones industrial average was down 62 points, or 0.4 percent, to 16,352 at midday Wednesday.

The Standard & Poor's 500 index was down a point at 1,842 and the Nasdaq composite was up nine points, or 0.2 percent, at 4,235.

Coach slumped 7 percent after the luxury goods maker reported a lower quarterly profit, citing weakness in women's bags and accessories in North America.

Small-company stocks are doing better than large ones since the beginning of the year, continuing a trend from 2013.