NEW YORK (CNNMoney) -- U.S. stocks opened little changed Friday, as disappointing corporate results weighed on sentiment.
The Dow Jones industrial average dropped 0.1%, while the S&P 500 and Nasdaq Composite eked out modest gains.
J.C. Penney (JCP, Fortune 500) reported a much larger than expected loss, sending its shares tumbling 8%. The company lost 93 cents a share excluding special items, while analysts surveyed by Thomson Reuters were forecasting a loss of only 7 cents. Sales also fell short of forecasts. It marked the third straight quarter of bigger than forecast losses at J.C. Penney as new CEO Ron Johnson struggles to remake the company.
After the closing bell Thursday, Disney (DIS, Fortune 500) reported earnings in line with analyst expectations but sales of the entertainment company were a bit short of forecasts. Shares of the Dow component traded 6%.
Shares of daily deals site Groupon (GRPN) plunged 23% Friday, a day after quarterly results missed expectations.
In other corporate news, Kayak (KYAK) announced late Thursday that it was being purchased by Priceline (PCLN) in a $1.8 billion cash-and-stock deal. Shares of Kayak shot up 26% to just below the $40 a share purchase price. Shares of Kayak competitor Expedia (EXPE) were down 3%, while TripAdvisor (TRIP), another rival, was not yet trading.
Fear & Greed Index
In economic news, the Bureau of Labor Statistics released figures on October export prices that rose 0.2% compared to 0.7% the prior month. Import prices rose 0.3% in October compared to 0.2% the prior month.
Reports on consumer sentiment and wholesale inventories are due later in the morning. The University of Michigan's preliminary version of its consumer sentiment index for November is expected to come in at 83, according to a survey of analysts by Briefing.com, up from 82.6 last month. Wholesale inventories for September are expected to have increased by 0.4%
Following the re-election of President Obama earlier this week, U.S. stocks have fallen sharply as investor shift their attention to the looming fiscal cliff, and the potential consequences for the U.S. and global economies if Congress fails to avert it.
On Thursday, the nonpartisan Congressional Budget Office warned that if the fiscal cliff goes into effect for all of next year, it could trigger a drop of 0.5% in real gross domestic product, and that contraction could push unemployment to 9.1% by the end of 2013.
Before the start of trading Friday, all three major indexes moved down more than 2% for the week.
World Markets: European stocks were lower in morning trading. Britain's FTSE 100 was down 0.5%, the DAX in Germany dropped 1.1% and France's CAC 40 slipped 0.3%.
Asian markets closed in the red. The Shanghai Composite edged down 0.1%, while the Hang Seng in Hong Kong and Japan's Nikkei each dropped 0.9%.
Currencies and commodities: The dollar rose against the euro and the British pound but declined versus the Japanese yen.
Oil for December delivery fell 15 cents to $84.91 a barrel.
Gold futures for December delivery edged up $10.10 to $1,736.10 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, pushing the yield down slight to 1.62% from 1.63% late Thursday. 
First Published: November 9, 2012: 9:45 AM ET
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