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US stocks open lower on disappointing Pfizer report

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(GlobalPost/GlobalPost)

US stocks opened lower Tuesday after a disappointing earnings report from Dow member Pfizer sent the blue-chip index into negative territory.

Five minutes into trade, the Dow Jones Industrial Average dropped 27.64 (0.19 percent) to 14,791.11.

The broad-based S&P 500 gave up 0.83 (0.05 percent) at 1,592.78, while the tech-rich Nasdaq Composite Index slipped 0.20 (0.01 percent) to 3,306.82.

The losses came after pharmaceutical giant Pfizer reported a 53 percent increase in profits but missed earnings expectations and slashed its full-year earnings forecast.

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http://www.globalpost.com/dispatch/news/afp/130430/us-stocks-open-lower-disappointing-pfizer-report