Wall Street: Tues mid-session
STOCKS pulled out of their doldrums after a string of solid earnings reports from Dow components
In early afternoon trading, the Dow Jones industrial average was up 4.82 at 10,442.67 but the Nasdaq composite index was down 3.30 at 2,017.13.
General Motors, the world's largest automaker, rose $2.15, or 4.7% to $48.30, having topped expectations with strong results at its financing arm and improved business in Asia. However auto operations in North America and Europe continued to be hampered by intense pricing pressure, however.
Pfizer. was down 40 cents at $37.18 after reporting a 50% drop in net income on charges related its acquisition of Pharmacia last year. But the results still beat analysts' expectations and revenues jumped 47%.
Altria, the parent company of Marlboro cigarettes and Kraft Foods, sagged 63 cents to $55.82 after reporting a slight rise in first-quarter profits due to strength in its tobacco business.
Kraft Foods was down 12 cents at $31.27 after reporting first-quarter profits that tumbled 34 percent amid continuing restructuring costs at the largest US food company. Excluding the charges, the company would have beaten expectations.
Industrial group Ingersoll-Rand gained 41 cents to $72.41 after beating Wall Street expectations with a 17 percent increase in first-quarter profits as nearly all its businesses posted double-digit revenue increases.
