Midday Report: Monsanto Rebuffs Bayer Again; S&P 500 Declines

A rush of earnings kept investors busy throughout the morning. Netflix  (NFLX) - Get Report 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) - Get Report 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) - Get Report , 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) - Get Report 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.