A rush of earnings kept investors busy throughout the morning. Netflix (NFLX) was one of the biggest drags on the Nasdaq and S&P 500 after reporting disappointing subscriber numbers. Benchmark indexes withdrew from records set a day earlier. Johnson & Johnson (JNJ) was the best performer on the Dow Jones Industrial Average after topping estimates in its second quarter and raising its full-year forecasts. A new line of pharmaceutical products helped to boost growth, overshadowing a slide in sales in consumer health. Agricultural company Monsanto (MON) rebuffed a sweetened offer from Bayer (BAYRY) , though it said it was open to further discussions with the company and others interested. Bayer confirmed the improved bid last Thursday. Phillip Morris (PM) sank after reporting a weaker second quarter. The parent of Malboro reported a nearly five percent decline in cigarette volume over the period. TheStreet's Keris Lahiff reports from Wall Street.
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