US stocks slip as real estate falls and industrials climb
NEW YORK (AP) — U.S. stocks are slightly lower Wednesday afternoon as real estate companies skid.
Apple is sliding after its latest results failed to impress investors, pulling technology stocks down with it.
Apple gets about two-thirds of its revenue from iPhone sales and some investors are concerned it depends too much on its marquee product.
Real estate investment trusts took big losses.
Simon Property Group, which owns shopping mall and other real estate and is the largest publicly traded company in the industry, reported strong earnings.
Office space company Boston Properties lost $3.06, or 2.4 percent, to $122.27 as investors were disappointed by its forecasts.
Boeing climbed $5.97, or 4.3 percent, to $145 after it raised its forecast for earnings, revenue, and plane deliveries.
Medical device maker Edwards Lifesciences reported disappointing sales of heart devices and forecast another shortfall in the current quarter.
Mondelez, the maker of Oreo cookies, Cadbury chocolate and Trident gum, climbed after reporting a bigger profit than analysts expected.
Oil prices wavered and energy companies turned lower.
Mexican food chain Chipotle continued to struggle in its efforts to win back customers after food safety scares that started last year.