The New York equities markets were lower at midday.

The Dow Jones Industrial Average was 0.69 percent lower to 13,858.80, while the Nasdaq Composite had dropped 0.54 percent to 2,676.18 and the S&P 500 was down 0.69 percent to 1,530.96.

Part of the declines came as quarterly reports disappointed.

In the chemicals sector, DuPont (NYSE: DDPRA, DDPRB, DD) reported that profits did not grow in the second quarter even as sales were better overseas.

DuPont had dropped $2.96 to $50.30 by mid-session.

Texas Instruments (NYSE: TXN) fell $1.32 to $36.86 as it reported profits lower than the same time last year.

Fast food chain McDonald’s (NYSE: MCD) was 33 cents lower to $52.17 after it reported a losing quarter on a charge growing out of its sale of Latin American outlets.

AT&T (NYSE: T) was 18 cents higher to $40.21 after it said that its earnings were up by 61 percent in the second quarter, but reported that fewer Apple iPhone numbers than had been anticipated were activated following the new phone’s release.

Apple (NAS: AAPL) dropped $3.88 to $139.82 on the news of fewer iPhone activations and ahead of its quarterly report, due on Wednesday.

Companies exposed to bad loans were lower.

American Express (NYSE: AXP) dropped $1.94 to $62.72 after it reported an increase in write-downs on bad loans in the second quarter.

Meanwhile, mortgage lender Countrywide Financial (NYSE: CFC) fell $3.08 to $30.98 after it reported significantly lower profits in the second quarter and cut its earnings forecast.

Wall Street was higher in midday trade on Monday as quarterly reports and mergers and acquisition news were in focus.

The Dow Jones Industrial Average was 0.81 percent higher to 13,963.34, while the Nasdaq Composite had added 0.54 percent to 2,702.01 and the S&P 500 gained 0.76 percent to 1,545.79.

The Russell 3000 index of small and mid-caps was up 0.52 percent to 840.82.

Credit card provider American Express (NYSE: AXP) was 35 cents higher to $64.86 ahead of the release of its second quarter report, due after the close of trade on the day.

In the pharmaceuticals sector, Merck (NYSE: MRK) said that it had seen its earnings increase by 12 percent in the quarter, sending it $3.90 higher to $52.92.

Elsewhere in the sector, Pfizer (NYSE: PFE) gained 33 cents to $25.23 and Bristol-Myers Squibb (NSYE: BMY) added 60 cents to $32.14, but Schering-Plough (NYSE: SGP) dropped 12 cents to $31.37.

In purchase news, offshore drilling contractor Transocean Inc. (NYSE: RIG) and GlobalSantaFe Corp. (NYSE: GSF) announced that they have made a deal to merge.

Transocean was $6.28 higher to $116.25, while GlobalSantaFe gained $3.86 to $78.60.

The company created by the deal will carry a market value of around $53 billion.

In another deal, United Rentals (NYSE: URI) has agreed to be taken private by affiliates of Cereberus Capital Management in a cash deal worth $4 billion.

Shares in United Rentals were trading $33.08 at mid-session, up 71 cents.

Finance and money

The online sector for finance has seen a boom over the past few years, as consumers have been given wider access to a wider range of financial products. Key areas of growth have been mainline financial services - insurance, mortgages, and loans.

Niche finance products and providers have also benefited from the growth in online marketing of finance packages, but it’s the big financial providers who have mostly benefited.

For example, Direct Line Car Insurance used to be available through only a select group of brokers with high street offices. Now consumers can log onto the internet and find it provided at a whole range of online providers.

Basic insurance services have also seen a rising take up for online sales - home insurance, and other house insurance services, have seen especially strong take up due to the required nature in protecting house and home - not simply against theft, but also loss and damage.

What especially empowers home consumers is the ability to make product decisions on their own, without the need for a broker. For instance, when searching for a mortgage, a consumer armed with basic information on mortgage rates can determine monthly repayments using a mortgage calculator. This helps the consumer in allowing themselves to make an informed choice, and the broker can focus simply on closing the sale, rather than investing time in offering it.

The same principle applies for loan applications - consumers can simply look at whether they need an unsecured or a secured loan - and make a purchasing decision based on the loan information they can collect online.

With earnings reports expected from 171 of the S&P 500’s listed companies this week, the New York equities markets were down at midday on Monday. The Dow Jones Industrial Average was down 0.1 percent to 11,331.52, while the Nasdaq Composite had dropped 0.5 percent to 2,331.13 and the S&P declined by 0.4 percent to 1,306.13.

In earnings news, Xerox reported profits down a disappointing 4.8 percent in the first quarter on slow sales. In response, its share fell 5.5 percent to $13.99. On the other hand, Caterpillar reported a much better than expected 48 percent rise in earnings, which sent shares up 1.6 percent to $79.12 early in the day. And, while American Express reported first quarter profits were up by 18 percent and it had added 1.5 million new cardholders, its shares still dropped 1.2 percent to $51.60.

So far this quarter, according to one analyst, 69 percent of companies reporting so far have had results above what had been predicted, while 19 percent have reported earnings at expected levels, and just 13 percent have come in below estimates.

Elsewhere, mergers and acquisitions were in the news as Washington Mutual said it had agreed to purchase Commercial Capital. The deal, worth $983 million, will give Washington Mutual more of a presence in the state of California. The news sent Commercial Capital’s shares up 10.7 percent to $15.67, but Washington Mutual dropped 1.6 percent to $44.31.