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Stocks turn mixed

Techs down on Intel disappointment, but blue chips turn higher after initial retreat.

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January 16 2008: 9:51 AM EST

NEW YORK (CNNMoney.com) -- U.S. srocks were mixed about 15 minutes into trading Wednesday.

The Dow Jones industrial average was up 0.3 percent. The Nasdaq composite index lost 0.4 percent. The Standard & Poor's 500 index was 0.2 percent higher.

JPMorgan Chase (JPM, Fortune 500) reported fourth-quarter earnings that fell short of Wall Street's estimates due to a $1.3 billion write-down on subprime assets. The company's net income fell to $3 billion for the quarter.

Also on Wednesday, the software giant Oracle Corp. (ORCL, Fortune 500) signed a deal to acquire BEA Systems (BEAS) for $8.5 billion, the companies said. Back in October, Oracle bid $6.7 billion for BEA but was rejected.

Intel (INTC, Fortune 500), the world's largest chipmaker, fueled investor skepticism when it reported quarterly sales that missed Wall Street's estimates late Tuesday. Even more worrisome for investors was the weak outlook the company gave, which raised concerns that Intel faces a slowdown in demand as the economy weakens. To top of page
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