Stocks got off to a mixed start, with the tech-heavy Nasdaq Composite index burdened by sharp falls for tech titans Microsoft and Alphabet.
Microsoft Corporation (NASDAQ:MSFT), the world’s largest software company saw net income fall to $3.76bn in the third quarter, compared to $4.99bn the previous year.
The shares were down almost 9% in early trades.
Alphabet Inc (NASDAQ:GOOGL), the Google parent company, fared slightly better, sliding 5.6% after it spent more money on experimental projects, engineers, data centers and YouTube shows, causing it to miss investor expectations.
The Nasdaq Composite may have been down 39 points at 4,907 after 45 minutes' trade, but the S&P 500 was unchanged at 2,091.
The mid-cap index S&P 400 made a bit of headway, rising 12 points to 1,478, while the small-cap focused S&P 600 put on six points at 701.
Parnell Pharmaceuticals Holdings Ltd (NASDAQ:PARN) was wanted after its first quarter business update.
The animal health drugs developer confirmed the imminent launch of two new products in the US through our companion animal team. 'Luminous' is a novel nutraceutical product developed for use in dermatological conditions, while it also has a liquid bandage called Reviderm on the runway.
The shares rose 18% to $2.62.
Reduced losses at China Information Technology, Inc. (NASDAQ:CNIT) had investors rushing to buy shares in the provider of internet-based platforms and digital advertising technologies in China.
The company posted a net loss of $7.5mln for 2015, versus a loss of $29.2mln the year before.
Canadian pharmaceutical company Concordia Healthcare Corp (TSE:CXR) is in play as it confirmed it has formed a special committee to assess "various strategic alternatives" for the company.
News agency Bloomberg reported that Blackstone Group is in early-stage buyout talks.
The shares were up 6.2% at C$40.93.