(MENAFN- AFP) US stocks were little-changed in early trade Wednesday but shares of IBM sank 3.2 percent as it reported a sharp drop in fourth-quarter revenues.
Thirty minutes into trade, the Dow Jones Industrial Average was off 40.52 points (0.23 percent) at 17,474.71.
The broad-based S&P 500 added 3.62 (0.18 percent) at 2,026.17, while the tech-rich Nasdaq Composite gained 4.03 (0.09 percent) at 4,658.88.
IBM, the computing giant, was the main drag on the Dow after reporting a slump in revenues in all its markets for a total decline year-on-year of 12 percent to $24.1 billion. Earnings per share were off 3.8 percent to $5.54, still better than what analysts expected.
''We are making significant progress in our transformation, continuing to shift IBM's business to higher value, and investing and positioning ourselves for the longer term," said Ginni Rometty, IBM's chairman, president and chief executive.
Warren Buffett's huge investment firm Berkshire Hathaway, the largest shareholder in IBM, took collateral damage, falling 0.6 percent.
Netflix shares soared 16.4 percent after reporting that its membership rolls expanded by 4.3 million to 57.4 million in the fourth quarter. The streaming video firm said they expect to top 61 million subscribers by the end of the current quarter.
Leading healthcare group UnitedHealth beat expectations for earnings in its fourth quarter, driving its shares up 2.7 percent.
Bond prices edged higher. The yield on the 10-year US Treasury fell to 1.80 percent from 1.81 percent Tuesday, while the 30-year dropped to 2.37 percent from 2.40 percent. Bond prices and yields move inversely.
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