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US stocks fall on disappointing earnings

Wall Street stocks fell early on Thursday, with several companies tumbling after earnings, while Comcast shares surged after the company bowed out of a bidding war with Disney for Fox media assets.

About 15 minutes into trading, the Dow Jones Industrial Average was at 25 139.62, down 0.2%.

The broad-based S&P 500 also dropped 0.2% to 2 810.40, while the tech-rich Nasdaq Composite Index slipped 0.1% to 7 844.35.

Investors have been bullish on second-quarter results amid projections that earnings overall could jump 20% from the year-ago levels following the US tax reform.

But Thursday was an ugly day for most companies that released reports.

Ebay sank nearly 80% after it lowered its full-year sales forecast, exacerbating worries the online marketplace is losing momentum to Amazon.

American Express fell 2.7%, Travellers lost 2.4% and Alcoa dropped 6.1%, after releasing earnings.

IBM jumped 3.9% after its report.

Comcast gained 3.0% as it said it was pulling out of the bidding war with Walt Disney for film and television operations of Rupert Murdoch's 21st Century Fox and would focus on acquiring the European pay TV operator Sky.

Fox lost 1.6%, while Disney gained 1.6%.

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