Richard Smith watches President Barack Obama deliver his inaugural address during the ceremonial swearing-in, on a television at a Best Buy department store in Springfield, Ill., Monday, Jan. 21, 2013. (AP Photo/Seth Perlman)
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Richard Smith watches President Barack Obama deliver his inaugural address during the ceremonial swearing-in, on a television at a Best Buy department store in Springfield, Ill., Monday, Jan. 21, 2013. (AP Photo/Seth Perlman)
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FILE - In this Sept. 5, 2012 file photo, former President Bill Clinton addresses the Democratic National Convention in Charlotte, N.C. Clinton's convention speech nominating President Barack Obama for a second term left Piers Morgan of CNN star-struck: "Already the best speech of either convention," the prime-time talk show host tweeted. "An oratorical genius right up there with Churchill, Kennedy, MLK and Mandela." (AP Photo/J. Scott Applewhite, File)
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FILE - In this Dec. 20, 2011 file photo, Piers Morgan, host of CNN's "Piers Morgan Tonight," leaves the CNN building in Los Angeles. Former U.S. President Bill Clinton's convention speech nominating President Barack Obama for a second term left Morgan star-struck: "Already the best speech of either convention," the prime-time talk show host tweeted. "An oratorical genius right up there with Churchill, Kennedy, MLK and Mandela." (AP Photo/Jae C. Hong, File)
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FILE - In this Sept. 5, 2012 file photo, former President Bill Clinton addresses the Democratic National Convention in Charlotte, N.C. Clinton's convention speech nominating President Barack Obama for a second term left Piers Morgan of CNN star-struck: "Already the best speech of either convention," the prime-time talk show host tweeted. "An oratorical genius right up there with Churchill, Kennedy, MLK and Mandela." (AP Photo/Robert Ray, File)
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FILE - This Sept. 23, 2012 file photo shows Chelsea Clinton listening to her father, former President Bill Clinton speak during the Clinton Global Initiative, in New York. Former first daughter Chelsea Clinton has signed on to help promote President Barack Obama's inaugural kick-off event to get Americans across the country engaged in serving their communities. Inaugural planners announced Tuesday that Clinton will be honorary chair of the National Day of Service, the president's call for Americans to honor the legacy of Dr. Martin Luther King Jr. on the holiday weekend celebrating his birthday. (AP Photo/Mark Lennihan, File)
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A couple sits on chairs in a near-empty room to watch Fox News commentator Karl Rove on a big-screen television during a Republican Party election night gathering in the club level of Sports Authority Field at Mile High in Denver on Tuesday, Nov. 6, 2012. (AP Photo/David Zalubowski)
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People watch early election results displayed on a utility lift suspended from the front of the GE Building at Rockefeller Center New York, Tuesday, Nov. 6, 2012. (AP Photo/Craig Ruttle)
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U.S. elections results are broadcasted on a screen during a reception organized by the U.S. embassy on the occasion of the 2012 U.S. Presidential election, in Rome, Wednesday, Nov. 7, 2012. (AP Photo/Gregorio Borgia)
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President Barack Obama waves after his speech at the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Jae C. Hong)
Weak earnings outweigh jobs news; stocks slip
NEW YORK (
AP) — Stocks are slipping in early trading on Wall Street after several weak earnings reports dampened optimism about a decline in applications for unemployment benefits.
The Dow Jones industrial average was down 27 points at 13,959 shortly after the opening bell Thursday. The Standard & Poor's 500 index was down a point at 1,510 and the Nasdaq composite was down three at 3,164.
News Corp., Rupert Murdoch's media conglomerate, fell 1 percent after lowering its earnings forecast, citing weak performance in several businesses including its Fox broadcast network. Akamai Technologies plunged 17 percent after its revenue missed Wall Street's forecasts.
Applications for unemployment benefits fell 5,000 to 366,000 last week. The four-week average dropped to 350,500, the lowest in nearly five years.
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