US STOCKS-Wall St edges down after six-day S&P rally; AT&T falls

miércoles 23 de abril de 2014 11:52 GYT

* S&P 500, Nasdaq coming off six-day winning streak

* AT&T falls after results, but Boeing rallies

* Amgen drags biotech lower, but Gilead gains

* Indexes down: Dow 0.1 pct, S&P 0.1 pct, Nasdaq 0.5 pct (Updates to open)

By Ryan Vlastelica

NEW YORK, April 23 (Reuters) - U.S. stocks edged lower on Wednesday as weakness in AT&T and biotech names inspired investors to take profits following six straight days of gains, though a rally in Boeing limited losses.

AT&T Inc fell 3.4 percent to $35.07 a day after the Dow component reported adjusted earnings that beat expectations by a penny, though that was offset by weak service revenue growth. Verizon Communications fell 1.1 percent to $47.41 while the S&P telecom sector dropped 1.8 percent, by far the worst-performing sector on the day.

Biotech shares fell a day after Amgen Inc reported earnings that were below forecasts. The stock fell 6 percent to $112.16 and the Nasdaq biotech index lost 1.4 percent. Biogen Idec Inc fell 1.8 percent to $300.73 despite a strong outlook.

Gilead Sciences Inc late Tuesday posted a sharp profit increase, sending shares up 2.9 percent to $74.95. While the biotech results were mixed, they did point to some fundamental strength in the group, easing concerns it was overvalued.   Continuación...