US stocks waver as corporate profits disappoint

US stocks drift as US corporate earnings news disappoints; Yellen to be named Fed chief

NEW YORK (AP) -- Stocks are little changed in midday trading on Wall Street as US companies report mixed earnings news.

Alcoa rose as aluminum demand increased, but KFC owner Yum brands fell after reporting disappointing results.

A recent slump in the stock market slowed Wednesday as President Barack Obama prepared to nominate Janet Yellen to head the Federal Reserve. Yellen has been an advocate of the Fed's massive bond-buying program.

The Dow Jones industrial average was flat at 14,777 as of noon Eastern.

The Standard & Poor's 500 index was down two points, or 0.2 percent, at 1,652 and the Nasdaq composite fell 34 points, or 1 percent, to 3,660.

Men's Wearhouse soared after Jos. A. Bank Clothiers said that it's bidding $2.3 billion for the company.