U.S. shares struggled to push higher as investors trained their focus on a barrage of earnings reports, mergers and economic data. The S&P 500 (INDEXSP:.INX) skidded 0.5 percent to 2,103.75 at 12:07 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) retreated 0.6 percent to 17,752.26, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) dropped 0.2 percent to 5,160.52. Most followed shares included Qualcomm, SanDisk, McDonald’s, GM, Under Armour, Las Vegas Sands, Dunkin’ Brands, American Express, Cigna, Eli Lilly, and Dow Chemical.
In technology shares, Qualcomm (NASDAQ:QCOM) fell 3.5 percent to $61.96 after the maker of smartphone hardware said it will cut jobs and spending in the face of rising competition, and provided weak outlook for the current quarter. The San Diego, California-based company said it would reduce costs by about $1.4 billion, cut about 4,500 full-time staff, or 15 percent of its workforce, and boost capital returns to shareholders. Qualcomm expects fiscal fourth-quarter earnings of $0.75 to $0.95 per share on revenue of $4.7 billion to $5.7 billion. Analysts expect $1.08 a share on revenue of $6.13 billion.
SanDisk (NASDAQ:SNDK) jumped 17 percent to $63.65 after the data storage products maker reported a quarterly profit that was double of what analysts had expected.
In consumer shares, McDonald's (NYSE:MCD) slid 0.2 percent to $97.40, reversing an earlier advance. The world’s largest burger chain said second-quarter profit fell 13 percent, weakened by a decline in global same-store sales as fewer customers ate at its restaurants. Net income fell to $1.20 billion, or $1.26 per share, in the April-to-June quarter, from $1.39 billion, or $1.40 per share, a year earlier, the Oak Brook, Illinois-based company said in a statement today. Total revenue fell 10 percent to $6.50 billion. Analysts polled By Capital IQ had forecast $1.23 a share in earnings and $6.45 billion in revenue.
General Motors (NYSE:GM) leaped 6.2 percent to 32.17. The car giant earned an adjusted $1.29 per share for the second quarter, $0.21 above estimates, but revenue was well below forecasts. GM posted a record North American profit, and said its second half of 2015 will be stronger than the first half.
Under Armour (NYSE:UA) advanced 8 percent to $96.52 after lifting its full-year revenue outlook. The athletic apparel maker reported quarterly profit of $0.07 per share, $0.02 above estimates, with revenue well above forecast. Under Armour saw strong demand for both its Stephen Curry-branded shoes and its training apparel.
Las Vegas Sands (NYSE:LVS) was little changed at $54.98 after the casino operator that gets most of its revenue from Macau reported second-quarter earnings there that exceeded analysts’ estimates.
Dunkin’ Brands Group (NASDAQ:DNKN) slipped 3.9 percent to $54.33 after reporting better-than-expected results for its second quarter.
Comcast (NASDAQ:CMCSA) fell 2.5 percent to $62.94. The parent of NBCUniversal and CNBC earned $0.84 per share for the second quarter, matching estimates, with revenue beating forecasts.
In financials, American Express (NYSE:AXP) fell 3.4 percent to $76.30 despite posting a profit that beat expectations as a strong dollar continues to hurt companies with large overseas operations. Revenue fell below Street forecasts.
Cigna (NYSE:CI) rose 2.5 percent to $154.85 after reports said U.S. health insurer Anthem (NYSE:ANTM) was close to finalizing negotiations to acquire the company in a deal valued at roughly $48 billion. Anthem was down 0.4 percent at $154.51.
In other stocks, Eli Lilly (NYSE:LLY) fluctuated and was last down 0.2 percent at $86.19. The drug maker beat estimates by $0.16 with adjusted quarterly profit of 90 cents per share, with revenue also above estimates. Lilly also raised its full-year forecast.
Dow Chemical (NYSE:DOW) tumbled 3.3 percent to $48.35 even as the chemical maker reported a better-than-expected quarterly profit.