Stocks are wavering in early trading as investors weigh some positive economic news against several disappointing reports from U.S. companies.

The New York branch of the Federal Reserve reported strength in manufacturing in the region Thursday, but BlackBerry sank 16 percent after the company denied reports it was in deal talks with Samsung.

The Swiss franc soared against the euro and dollar after the country's central bank abandoned an increasingly expensive policy to limit the rise of the currency.

Energy stocks rose as the price of crude oil recovered.

The Dow Jones industrial average was down 44 points, or 0.3 percent, to 17,381 in early trading.

The Standard & Poor's 500 index fell four points, 0.2 percent, to 2,007. The Nasdaq fell 10 points, or 0.2 percent, to 4,629.