NEW YORK (CNNMoney)
Apple (AAPL, Fortune 500) shares fell nearly 11% after the company said sales in the current quarter would come in below analysts' expectations, even though earnings in the most recent quarter rose to a record $13.1 billion.
The stock has lost more than a quarter of its value in the past four months amid worries demand for the iPhone may be waning as lower-cost smartphones gain market share.
Apple drove the Nasdaq down 1.5%. Apple was also the biggest decliner on the S&P 500, which slid 0.2%. Offsetting the declines on both indexes were shares of Netflix, which surged 38% after the online-video-rental company surprised investors by reporting a fourth-quarter profit late Wednesday.
The Dow Jones industrial average gained nearly 0.2%.
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Before the market opened, 3M (MMM, Fortune 500) said profits rose 4.4% in the fourth quarter, driven by record sales. The company, which makes everything from tape to touchscreen displays, reaffirmed its outlook for earnings this year.
Shares of Nokia (NOK) slumped after the company said its board will propose that no dividend payments be made for 2012. The Finish phone maker reported fourth-quarter earnings were unchanged from last year at 6 cents per share.
Xerox (XRX, Fortune 500) shares rose after the company reported results that were in line with expectations.
Still to come, Microsoft (MSFT, Fortune 500), AT&T (JZJ) and Starbucks (SBUX, Fortune 500) report after the bell.
Overall, S&P 500 companies are expected to report earnings growth of 4.3% for the last three months of 2012, according to S&P Capital IQ. Of the 112 companies that have reported so far, 75 have beat analysts' expectations.
U.S. stocks finished higher Wednesday, with the S&P 500 and the Dow hitting new 5-year highs.
In economic news, the government said first-time claims for unemployment benefits fell by 5,000 last week to 330,000. The Conference Board will release its index of leading economic indicators at 10 a.m. ET. The index is expected to show an increase for December, after falling in November, according to economists surveyed by Briefing.com.
The mood was gloomy in Davos, where business and political leaders gathered for the World Economic Forum. The International Monetary Fund lowered its outlook Wednesday for economic growth in the euro area, and urged U.S. policymakers to address long-term debt issues.
President Obama will nominate Mary Jo White, a former federal prosecutor in New York, to head the Securities and Exchange Commission, an administration official told CNN.
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Asian stocks ended mixed after China's manufacturing sector showed more signs of improvement this month, with a preliminary reading of purchasing managers' sentiment rising to the highest level in two years.
Stocks in Hong Kong and Shanghai fell, but the Nikkei rallied 1.3%. Japan reported a trade deficit of ¥6.9 trillion for 2012, compared with ¥2.5 trillion in 2011. The nation has logged deficits for the past six months as imports have outpaced exports, but analysts said exports could ramp up in 2013 as Tokyo moves to boost the economy.
European markets rose in afternoon trading. The FTSE 100 in London rose 0.7%, while shares in Paris and Frankfurt both gained about 0.2%. 
First Published: January 24, 2013: 9:49 AM ET
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