NEW YORK — Stocks are edging lower in midday trading as investors focus on the latest earnings and deal news.
Allstate sank 12 percent Tuesday after its results came up far short of what analysts were expecting.
Drugmaker Baxalta surged 17 percent after Irish rival Shire offered to buy the company for $30 billion.
The Dow Jones industrial average slipped 12 points, less than 0.1 percent, to 17,585 as of 11:45 a.m. Eastern time.
The Standard & Poor's 500 index lost a point to 2,097.
The Nasdaq composite gave up seven points, or 0.1 percent, to 5,108.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.18 percent.