Stocks Little Changed on Earnings, Price Data

U.S. stocks were little changed in the early trading on Wednesday as investors weighed corporate results from Boeing Co. to Biogen Idec Inc. and data showing the cost of living barely rose last month. The Dow Jones Industrial Average lately ticked up 28.64 points, or 0.17%, to 16,643.45. The S&P 500 was up 4.25 points, or 0.22%, to 1,945.53. The Nasdaq Composite added 8.95 points, or 0.20%, to 4,428.43.

Boeing Co. said its third-quarter earnings increased, buoyed by continued strong demand for the aerospace giant’s jetliners. Results easily outpaced market estimates, and the company again raised its earnings guidance for the year. Shares edged up nearly 3% premarket. Demand for passenger jets has soared in recent years thanks to improving financial health at global airlines and persistently high fuel prices that are driving a desire for newer, more efficient aircraft like the Dreamliner.

U.S. consumer prices rose marginally in September, painting a weak inflation picture that should give the Federal Reserve ample room to keep interest rates low for a while. The Labor Department said on Wednesday its Consumer Price Index edged up 0.1 percent last month as a rise in food and shelter costs
offset a broad decline in energy prices.

Biogen Idec BIIB reported better-than-expected third-quarter results and lifted its full-year earnings outlook. For the quarter ended Sept. 30, net earnings rose to $856.9 million, or $3.62 a share, from $487.6 million, or $2.05 a share, a year earlier.

Abbott Laboratories said it sales rose 5.8% in the latest quarter, driven by gains in its nutrition, diagnostics and established pharmaceuticals businesses. The company also narrowed its earnings guidance for the year to $2.25 to $2.27 a share, from its prior forecast of $2.19 to $2.29 a share.

Stanley Black & Decker Inc. said its profit rose 43% in the most recent quarter as the company boosted its margins and sales and results topped analysts’ expectations. For the September quarter, Stanley Black & Decker reported a profit of $236.7 million, or $1.47 a share, up from $166 million, or $1.04 a share, a year earlier.

Package delivery company FedEx Corp on Wednesday forecast a record holiday season this year, with 22.6
million shipments expected for its anticipated peak day on Dec. 15.