* S&P 500, Nasdaq snap six-day winning streak
* AT&T falls after results, but Boeing rallies
* Amgen drags biotech lower, but Gilead gains
* Dow off 0.08 pct; S&P 500 down 0.22 pct; Nasdaq off 0.83
(Updates to close, adds Facebook earnings)
By Chuck Mikolajczak
NEW YORK, April 23 U.S. stocks dipped on
Wednesday to snap a six-session winning streak as gains in
Boeing and Gilead were offset by slides in AT&T and the wider
AT&T Inc fell 3.8 percent to $34.92 a day after the
Dow component reported earnings that beat expectations, offset
by weak service revenue growth. Verizon Communications
shed 1 percent to $47.43 while the S&P telecom sector index
dropped 2.2 percent, easily making it the session's
Biotech shares pulled the Nasdaq lower. Amgen Inc
slid 5 percent to $113.32, a day after earnings missed
forecasts. The Nasdaq biotech index fell 1.5 percent and
NYSEArca biotech index lost 1.6 percent.
"You've got some big numbers coming out from companies that
have already been pretty volatile in the Nasdaq, and there is
some caution against the potential for shortfalls that could
restart Nasdaq on the way down," said Rick Meckler, president of
LibertyView Capital Management in Jersey City, New Jersey.
"This is traditionally not going to be a particularly strong
time for earnings reports, and it's easy to take less inspiring
numbers and say this market is overvalued or pass them by and
say this is a seasonally low point. So it really is more about
investors' own view of how high a multiple they are willing to
There were bright spots within biotech. Gilead Sciences Inc
rose 1.4 percent to $73.86 and Illumina Inc
gained 3.9 percent to $153.69 after the companies posted results
Boeing Co reported first-quarter revenue that beat
expectations and lifted its core earnings forecast to reflect a
tax settlement gain, sending its stock up 2.4 percent to $130.63
and giving the biggest boost to the Dow.
The Dow Jones industrial average fell 12.72 points or
0.08 percent, to 16,501.65, the S&P 500 lost 4.16 points
or 0.22 percent, to 1,875.39 and the Nasdaq Composite
dropped 34.491 points or 0.83 percent, to 4,126.967.
After the closing bell, Facebook Inc gained 2.2
percent to $62.69. Its mobile advertising business continued to
accelerate in the first three months of the year, helping the
Internet social networking company top Wall Street's revenue
Better-than-expected earnings have boosted Wall Street
lately, though companies have largely been beating reduced
forecasts. Profits are seen rising 1.6 percent this quarter,
down from the 6.5 percent growth rate estimated at the start of
the year, according to Thomson Reuters data.
Of the 141 companies in the S&P 500 that have posted results
through Wednesday morning, 65.2 percent have topped
expectations, above the long-term average of 63 percent. On the
revenue side, 53.6 percent have exceeded forecasts, below the 61
percent long-term average.
Procter & Gamble Co's earnings topped forecasts but
sales were flat. The stock slipped 0.3 percent to $80.36.
New home sales tumbled more than expected to an eight-month
low in March. The PHLX housing sector index fell 1.1
percent, with D.R. Horton Inc off 2.2 percent at $21.35.
Volume was light, with about 5.63 billion shares traded on
U.S. exchanges, well below the 6.65 billion average so far this
month, according to BATS Global Markets. Declining stocks
outnumbered advancing ones on the NYSE by 1,566 to 1,482, while
on the Nasdaq, decliners beat advancers 819 to 1,775.
(Editing by Jan Paschal and Nick Zieminski)