US stocks open lower on weak technology earnings

U.S. stocks fell early today, weighed down by weak earnings from two major technology companies.

Shares of Micron Technology Inc. fell 14 percent after the company said weak sales of computer chips hurt its earnings, which were far less than analysts had expected. Oracle Corp. fell 4 percent after its sales of computer hardware fell sharply.

Technology stocks were broadly lower. Micron had the biggest loss of any stock in the Standard & Poor's 500 index. Cisco Systems Inc. fell 1.3 percent, while Microsoft Corp. lost 1 percent.

Drug company Pfizer Inc. dropped 1 percent after the government rejected its application to sell a new pain drug.

The Dow Jones industrial average fell 95, or 0.8 percent, to 11,952 in morning trading. The S&P 500 dropped 10, also 0.8 percent, to 1,273. The Nasdaq composite index fell 25, or 0.9 percent, to 2,662.