U.S. Stocks Waver on Mixed Earnings; Apple Books & Movies Shut Down in China

U.S. stocks struggled to find direction as investors processed a slew of earnings reports on Friday. General Electric (GE) - Get Report reported adjusted earnings of $0.21 a share, beating estimates of $0.19 a share. Revenue of $27.6 billion matched estimates. Sales in the company's oil and gas space fell 18 percent, amid the slump in oil prices. 'Despite the obvious headwind from the oil and gas sector, it seems like the other businesses are picking up the slack,' said Jasper Lawler, a market analyst with CMC Markets, based in London. Meanwhile, Caterpillar (CAT) - Get Report cut its guidance, citing soft demand for its construction and mining equipment. The company said full year sales should range between $40 billion and $42 billion, down from a previously reported range of $40 billion and $44 billion. Finally, Apple's (AAPL) - Get Report iBooks store and iTunes Movies were shut down in China last week, months after they were unveiled in the region, according to the New York Times. During Apple's most recent quarter, revenue from Greater China accounted for roughly 24 percent of Apple's total revenue. TheStreet's Scott Gamm reports from Wall Street.