US stocks decline following disappointing earnings

Associated Press
A pair of traders confer on the floor of the New York Stock Exchange Tuesday, Dec. 3, 2013. Stocks are opening lower on Wall Street as investors hold back ahead of economic reports that could influence when the Federal Reserve will start reducing its stimulus. World stock markets mostly fell Wednesday Dec. 11, 2013 as investors factored in the prospect of the Federal Reserve reducing its lavish monetary stimulus this month. (AP Photo/Richard Drew)
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A pair of traders confer on the floor of the New York Stock Exchange Tuesday, Dec. 3, 2013. Stocks are opening lower on Wall Street as investors hold back ahead of economic reports that could influence when the Federal Reserve will start reducing its stimulus. World stock markets mostly fell Wednesday Dec. 11, 2013 as investors factored in the prospect of the Federal Reserve reducing its lavish monetary stimulus this month. (AP Photo/Richard Drew)

NEW YORK (AP) — Stocks are lower in midday trading on Wall Street as traders react to some disappointing earnings from U.S. companies.

Laboratory Corporation of America plunged 10 percent Wednesday after cutting its full-year earnings forecast.

Joy Global, a maker of mining equipment, sank 4 percent after reporting earnings that fell short analysts' forecasts.

The Standard & Poor's 500 index fell 11 points, or 0.6 percent, to 1,791 as of noon Eastern time. The index is down almost 1 percent this month; it's still up 26 percent so far this year.

The Dow Jones industrial average dropped 76 points, or 0.5 percent to 15,896. The Nasdaq composite fell 29 points, or 0.7 percent, to 4,030.

MasterCard rose 4 percent after announcing a stock split, a dividend increase and a stock buyback program.

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