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US stocks slip on earnings, slow growth

NEW YORK — Stocks are slightly lower in afternoon trading after the U.S. said economic growth slowed more than expected in the summer. Earnings reports came in mixed, with companies including Buffalo Wild Wings and camera maker GoPro plunging after weak results.

THE SCORE: Stocks have been lower all day, but they’ve held onto most of their gains from a big rally in the last hour of trading on Wednesday. As of 3:05 p.m. Eastern, the Dow Jones industrial average was down 45 points, or 0.3 percent, to 17,734. The Standard & Poor’s 500 index lost four points, or 0.2 percent, to 2,086. The Nasdaq composite sank 24 points, or 0.5 percent, to 5,071.

SLOWDOWN: The U.S. economy cooled in the summer as businesses cut production of goods and drew down their inventories, which offset strength in consumer spending. The Commerce Department said gross domestic product grew at a rate of 1.5 percent. Analysts had forecast 1.7 percent.

THE QUOTE: RBS senior economist Kevin Cummins said the report isn’t a major warning sign. In his view, consumers are spending more money because gas prices have tumbled, and the labor market is doing well even though fewer people are in the workforce than in years past. While jobs reports for August and September showed reduced growth, Cummins expects to see better results in October.

“The domestic economy is in pretty healthy shape right now,” Cummins said.

BONDS: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.17 percent from 2.10 percent late Wednesday. Higher bond yields pulled buyers away from income-producing investments. Utility stocks in the S&P 500 index slid 1 percent, far more than the rest of the market. Real estate investment trust shares edged lower.

SLUGGISH THIRD QUARTER: While some companies have gotten major bumps after reporting good results, particularly in the tech sector, this earnings season hasn’t been inspiring so far. The majority of the companies on the S&P 500 have now disclosed their results, and S&P Capital IQ says 52 percent of those have reported lower-than-expected revenue. Earnings per share are also down compared to last year.

Several companies dropped after releasing their reports. Buffalo Wild Wings skidded $33.59, or 18.2 percent, to $150.81 after the restaurant chain’s profit and sales fell short of expectations. Computer networking company F5 Networks dropped after it reported disappointing fourth-quarter revenue and first-quarter projections. The stock lost $11.25, or 9.3 percent, to $110.09.

BIG CUTS: Deutsche Bank said it lost about $6.6 billion in the third quarter. The company says it will sell businesses that employ about 20,000 people and eliminate 15,000 other jobs in an effort to improve profitability. It also won’t pay a dividend this year or next. The stock sank $2.41, or 8 percent, to $27.90.

NO-GO: GoPro slumped $4.36, or 14.4 percent, to $25.85 after the wearable camera maker reported disappointing results for its most recent quarter. GoPro shares, which began trading in 2014, have lost more than half their value since mid-August and reached an all-time low of $24.95.

SOFTWEAR SALES: Hanesbrands rose after the maker of underwear, socks and t-shirts announced strong third-quarter results and raised its profit estimate for the year. The stock gained $4, or 14.5 percent, to $31.60.

BIG PHARMA TALKS: Allergan, which makes Botox, jumped 6.3 percent after saying it talked to Pfizer about a sale. Pfizer makes the pain and fibromyalgia treatment Lyrica, erectile dysfunction drug Viagra, and Prevnar 13, a vaccine against pneumonia and ear and other infections. It’s the second-largest drug company in the world, and in 2014 it tried to buy competitor AstraZeneca for $119 billion.

Allergan completed a $66 billion acquisition this year. It jumped $18.17 to $305.37, which put its market value at about $120 billion.

ENERGY: U.S. crude added 12 cents to $46.06 a barrel in New York. Brent crude, which is used to price international oils, lost 25 cents to $48.80 a barrel in London. Wholesale gasoline was unchanged at $1.350 a gallon in New York, heating oil fell less than one cent to $1.475 a gallon and natural gas slid 4.1 cents to $2.257 per 1,000 cubic feet.

METALS: The price of gold fell $28.80, or 2.4 percent, to $1,147.30 an ounce and silver declined 74 cents, or 2.4 percent, to $15.55 an ounce. Copper fell four cents, or 1.8 percent, to $2.32 a pound.

CURRENCIES: The dollar slipped to 121.13 yen from 121.23 yen. The euro rose to $1.0979 from $1.0909.