Stocks Opened Lower as Apple Shares Dragged

U.S. stocks opened lower on Wednesday, weighed down by Apple Inc. after the largest company by market value delivered quarterly results that disappointed investors. The Dow Jones Industrial Average lately slid 22.29 points, or 0.12%, to 17,968.03. The S&P 500 shed 2.28 points, or 0.11%, to 2,089.42. The Nasdaq Composite fell 38.40 points, or 0.79%, to 4,849.88.

Apple Inc.’s quarterly profit fell 22.5% as revenue declined for the first time since 2003 and iPhone sales declined for the first time ever. Apple said net income in its fiscal second quarter totaled $10.52 billion, or $1.90 a share, compared with $13.57 billion, or $2.33 a share, in the same period a year earlier. Revenue declined 13% to $50.55 billion from $58 billion.

Amid a battle over its future as an independent web giant, Yahoo has announced a deal with Starboard Value, the activist firm that has been pushing for a change in management. Starboard will now have its chief executive Jeffrey C. Smith added to Yahoo’s board, along with Tor Braham, Eddy Hartenstein and Richard Hill. As part of the agreement, Starboard has quashed its proxy fight with Yahoo CEO Marissa Mayer by withdrawing its director nominees.

Oil hit its highest level this year on Wednesday, driven by a falling dollar and evidence of declining U.S. supply. Brent crude futures were up $1.03 at $46.77 a barrel by 0835 GMT. U.S. West Texas Intermediate crude futures rose 86 cents to $44.90 a barrel.

Boeing Co (BA.N) on Wednesday reported a 9 percent drop in first-quarter profit. It had earned $1.22 billion, or $1.83 per share, compared with $1.34 billion, or $1.87 per share, a year earlier. The company recorded a tanker charge of $156 million, or 24 cents per share, in the quarter. Boeing left its full-year profit and revenue forecast unchanged.