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Slumping Apple shares send US stocks lower

US stocks dropped early Wednesday, with Apple falling about 4 percent after posting an earnings decline due to falling iPhone sales.

Apple earnings plunged 19 percent in the fourth quarter to $9 billion, pushing shares lower for the world's biggest company by market capitalization.

"Apple isn't growing like it used to," noted Briefing.com analyst Patrick O'Hare.

The Apple results overshadowed better-than-expected results from Boeing and food giant Mondelez.

About 30 minutes into trading, the Dow Jones Industrial Average had slipped 0.4 percent to 18,089.97.

The broad-based S&P 500 fell 0.5 percent to 2,133.09, while the tech-rich Nasdaq Composite Index shed 0.6 percent to 5,253.41.

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Coca Cola was up 0.4% after thrid quarter profits fell by less than expected, to $1.05 billion in the quarter ended September 30 from $1.45 billion a year earlier.

Big movers included Akamai Technologies, which surged nearly 14 percent, while Edwards Lifesciences tumbled 13 percent after reporting a sales miss for a key heart valve, despite a solid earnings report.

Chipotle Mexican Grill sank 7.2 percent as third quarter revenues slumped 14.8 percent to $1.0 billion, the latest sign of continued fallout from a series of food safety problems at the burrito chain.

Defense contractor Northrop Grumman jumped 3.9 percent as third-quarter net income increased 17 percent to $602 million behind higher sales.

Biotech company Biogen was another earnings winner, climbing 4.2 percent as third quarter net profit rose 7 percent to $1.0 billion, propelled in part by growth in sales of its Tecfidera treatment for multiple sclerosis.

Petroleum-linked shares were in retreat as oil prices declined ahead of a closely-watched US inventory report. Dow member ExxonMobil lost 0.8 percent, Halliburton 1.9 percent and Nabors Industries 2.0 percent.