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NEW YORK (CNN/Money) - Stocks were on a teeter-totter Thursday morning as investors balanced earnings concerns with some solid reports.

The Dow Jones industrial average (down 5.03 to 10,409.10, Charts) was flat. The Standard & Poor's 500 (up 0.96 to 1,196.72, Charts) index and the Nasdaq composite (up 3.90 to 2,095.14, Charts) lost a few points.

Stocks rallied Wednesday, snapping back after hitting five-month lows, with investors scooping up a variety of beaten-down shares amid falling oil prices and a mild Fed "beige book" read on the economy.

However, after that big run, investors were more cautious Thursday, particularly amid the latest batch of quarterly earnings and forecasts.

On the upside, Dow component Coca-Cola (up $0.96 to $42.76, Research) reported higher quarterly earnings that rose from a year ago due to strong soft-drink sales in China and other overseas markets. Shares gained 2 percent at the open.

Fellow Dow stock Pfizer reported third-quarter earnings that fell from a year ago, but were nonetheless above analysts' expectations and revenue that fell from a year ago and missed forecasts. The world's largest drugmaker also cut its 2005 earnings forecast and withdrew its 2006 and 2007 forecast.

Pfizer (down $1.81 to $22.16, Research) shares slumped 7 percent.

eBay (down $1.11 to $40.90, Research) reported improved earnings and revenue late Wednesday. However, as with Intel Tuesday night, the company also issued a revenue forecast that was shy of some investor's expectations. Wall Street focused on the forecast and eBay shares fell Thursday morning.

U.S. light crude oil for November delivery fell 75 cents to $61.66 a barrel in electronic trading.

Treasury prices slipped Thursday, raising the yield on the 10-year note to 4.49 percent from 4.46 percent late Wednesday. Treasury prices and yields move in opposite directions.

The dollar gained versus the euro and was little changed versus the yen.

COMEX gold rose 60 cents to $466.40, after losing nearly $9 Wednesday.

In global trade, major Asian markets ended higher and European markets gained at midday.