Stocks open lower after latest earnings reports

NEW YORK -- Stocks are slipping in early trading as investors receive more mixed signals on the economy from earnings reports.

Investors have been keenly focused on earnings reports this week, hoping to find more concrete signs of life in the economy. Going in to Friday's session, major market indicators are up about 7% for the week.

During the recession companies have aggressively been slashing expenses to maintain profitability through the downturn. Many have been successful at beating analysts' earnings expectations as their cost-cutting measures have thus far outpaced the slowdown in sales and revenue.

Aside from the onslaught of earnings reports, investors received a reading on housing starts Thursday. The Commerce Department reported construction of new homes and apartments rose 3.6% in June to a seasonally adjusted annual rate of 582,000 units.

Building permits, seen as a good indicator of future activity, rose 8.7% to an annual rate of 563,000 units in June.