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Midday Report: U.S. Stocks Slip; Biogen Jumps on Higher Drug Sales

Stocks remained lower as poor earnings reports from industry giants Apple (AAPL) and Boeing (BA) punished the tech and industrials sectors. Oil was also a drag after weekly crude inventories came in more than double forecasts. New home sales jumped in December in the latest sign of resilience from the housing market. Sales of new U.S. single-family homes increased just under 11 percent, coming in well above estimates. FedEx (FDX) rose after authorizing a new share repurchase program worth up to 25 million shares. Since fiscal 2014, the delivery company has returned nearly $8 billion to shareholders through buybacks. Biogen (BIIB) climbed after quarterly profit soared past estimates on the back of higher demand for its multiple sclerosis drug. Overall revenue jumped nearly 8 percent, coming in above forecasts. TheStreet's Keris Lahiff reports from Wall Street.
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