(RTTNews) - While selling pressure has waned from earlier in the session, stocks remain mostly negative in mid-afternoon trading on Friday. The major averages showed a notable decline earlier in the session, with disappointing corporate earnings leading to some profit taking.

Trader sentiment took a hit early on after quarterly results from computer marker Dell (DELL) showed third quarter earnings and revenues that came in below analyst estimates. Homebuilder D.R. Horton (DHI) also reported results that disappointed investors.

In other corporate news, mobile phone giant Nokia Corp. (NOK) said this morning that it plans to align its research and development operations in Finland and Denmark, effectively eliminating up to 330 R&D jobs.

On the global economic front, the Bank of Japan unanimously decided to retain the overnight call rate at 0.1 percent, in line with economist expectations. The last change in the rate was a 0.1 percentage point cut in interest rates at the December 2008 meeting.

The major averages have seen some upside in recent trading, but they currently remain below the unchanged line. The Dow is currently down 13.98 at 10,318.46, the Nasdaq is down 12.23 at 2,144.59 and the S&P 500 is down 3.59 at 1,091.31.

Dow Components

A majority of the Dow components are stuck in the red in mid-afternoon trading, helping to the blue chip index in negative territory.
Caterpillar (CAT) is one of the Dow's worst performers, falling by 1.6 percent. The loss is dragging the stock further off of Monday's yearly high.

General Electric (GE), Alcoa (AA) and 3M (MMM) are also under pressure, offsetting recent gains.

Meanwhile, drug maker Merck (MRK) is extending its recent hot streak, posting a gain of 3.2 percent. Rising for a sixth straight session, the stock is poised to close at a fresh yearly high.

Pfizer (PFE) and Coca-Cola (KO) are also on the rise, advancing by 1.7 percent and 1.4 percent, respectively, looking to end the session at their best levels in over a year.

Sector News

Housing stocks continue to post notable losses in mid-afternoon trading, with the Philadelphia Housing Sector Index down by 3.2 percent. D.R. Horton has helped to lead the sector lower after reporting a wider than expected fourth quarter loss.

Networking stocks are also treading lower, dragging the NYSE Arca Networking Index down by 1.7 percent. Disappointing earnings and guidance from ADC Telecommunications (ADCT) have contributed to the selling pressure in the sector. ADC Telecom is currently down 11 percent after hitting a seven-month intraday low.

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