NEW YORK (AP) – U.S. stocks are edging mostly lower Thursday morning. Tech stocks are falling after dour projections from Seagate Technology. Strong first-quarter results from Delta are giving airlines a boost.
KEEPING SCORE: The Dow Jones industrial average rose 12 points, or 0.1 percent, to 17,921 as of 11:25 a.m. Eastern time. The Standard & Poor’s 500 index fell less than a point to 2,081. The Nasdaq composite edged down 4 points, or 0.1 percent, 4,943.
After making big jumps the last two days, stocks are little changed. Telecommunications companies are making the biggest gains and consumer goods companies are down the most.
TECH TROUBLES: Data storage company Seagate Technology said its third-quarter profit margins and revenue will be lower than expected. The company said it’s seeing lower demand for some kinds of hard disk drives. Its stock slumped $6.73, or 18.5 percent, to $27.66. Western Digital fell $3.47, or 7.7 percent, to $41.33 and NetApp lost $1.09, or 4.1 percent, to $25.61.
FLYING HIGH: Delta Air Lines’ first-quarter profit jumped 27 percent, helped by low fuel costs. Delta’s stock gained 72 cents, or 1.5 percent, to $48.76. American Airlines rose $1.28, or 3.2 percent, to $41.22 and United added $1.33, or 2.4 percent, to $56.91.