* Indexes on track for worst week since April
* Wells Fargo falls, but revenue tops forecasts
* Internet names help support the Nasdaq
* Dow down 0.1 pct, S&P flat, Nasdaq up 0.2 pct
(Updates to open)
By Ryan Vlastelica
NEW YORK, July 11 U.S. stocks were little
changed on Friday, with indexes on track for their biggest
weekly drop in months, as an early ream of corporate earnings
wasn't enough to entice buyers even after a string of market
While the Nasdaq was lifted by strength in Internet names,
the S&P 500 is down for a fourth session out of the past five as
recent concerns about economic growth, especially in Europe,
have pushed investors to take profits. The benchmark index is
about 1.2 percent from a record closing high hit last week.
Wells Fargo & Co reported revenue that beat
expectations, though for the first time since 2009, the bank did
not increase its earnings-per-share from the preceding quarter.
The stock fell 1.5 percent to $51.01 as one of the biggest
decliners on the S&P 500.
Fastenal Co slumped 4.6 percent to $45.92 after
revenue missed expectations.
"Wells came in a little light, and while there was nothing
really wrong with the quarter, it is one of the few banks that
can be counted on to beat profit expectations and that didn't
happen," said Matthew Kaufler, portfolio manager at Federated
Investors in Rochester, New York. "Earnings look like they might
be a little light."
Only 5 percent of S&P 500 companies have reported thus far,
and about 56 percent beat earnings expectations, below the
long-term average of 63 percent, according to Thomson Reuters
Next week, dozens of highly watched names - including
several Dow components - are expected to report results.
The Dow Jones industrial average fell 16.67 points,
or 0.1 percent, to 16,898.4, the S&P 500 lost 0.76 points
or 0.04 percent, to 1,963.92 and the Nasdaq Composite
added 10.29 points, or 0.23 percent, to 4,406.49.
For the week, the Dow is down 1 percent, the S&P is down 1.1
percent and the Nasdaq is down 1.8 percent. It is the biggest
weekly decline for all three indexes since April. The CBOE
Volatility index is up almost 20 percent this week, its
biggest weekly spike since April.
In a cautious signal, the S&P remains under its 14-day
moving average, a sign of weak near-term momentum.
Internet companies supported the Nasdaq, with Amazon.com Inc
up 4.2 percent at $341.59 and eBay Inc up 2.4
percent at $51.54.
Whirlpool Corp rose 1.9 percent to $141.91 after the
company agreed to buy 66.8 percent of voting stock of Italy's
Indesit Company SpA for about $1.03 billion.
Reynolds American Inc confirmed it is in talks to
acquire Lorillard Inc in a multi-billion dollar deal that
would include the sale of some brands to Britain's Imperial
Tobacco Group Plc. Shares of Reynolds fell 0.5 percent
to $61.97 while Lorillard rose 5.6 percent to $66.63 as the
S&P's biggest gainer.
(Editing by Bernadette Baum)