Markets Right Now: Stocks lower at midday as insurers fall

NEW YORK (AP) — The latest on developments in financial markets (all times local):

11:50 a.m.

Stocks are lower at midday on Wall Street Wednesday as losses by health care companies outweigh gains elsewhere in the market.

Investors are hammering insurers amid fears over the potential impact on their profits from health reforms being discussed in Congress. Anthem fell 4.7%, Cigna lost 4.3%, and UnitedHealth dropped 3.1%.

Qualcomm is up another 9.7%, adding to Tuesday's 23% gain after the chipmaker settled a legal dispute with Apple.

The S&P 500 index is down 3 points, or 0.1%, to 2,903.

The Dow Jones Industrial Average fell 12 points or 0.1% to 26,439. The Nasdaq is down 13 points or 0.9% to 1,569.

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9:35 a.m.

Stocks are opening mostly higher in early trading on Wall Street Wednesday, led by technology and industrial companies.

After gaining 23% Tuesday, mobile chipmaker Qualcomm is up another 17% after it settled a legal dispute with Apple. In a related move, Intel is pulling out of the smartphone modem market. Its shares are rising 2.4%.

T-Mobile and Sprint are both lower on reports the Justice Department is questioning their proposed merger.

Among companies reporting quarterly results, IBM is down 5% while United Continental is up 4% and Netflix shares are flat.

The S&P 500 index is up 5 points, or 0.2%, to 2,912.

The Nasdaq is up 35 points, or 0.5%, to 8,044. However, the Dow Jones Industrial Average is down 21 points, or 0.1%, to 26,431.