IBM, Intel, Johnson & Johnson: Dow Movers
The Dow Jones Industrial Average dropped 82.79 points, or 0.63%, to 13,032.75. The S&P 500 fell 5.64 points to 1,385.14 and the Nasdaq Composite lost 11.37 points to 3,031.45.
Breadth within the Dow was negative with 22 of the 30 components posting losses. Bank of America(BAC) , which reports earnings on Thursday morning, ended Wednesday flat.
The biggest percentage decliners in the index were IBM, Intel and Johnson & Johnson(JNJ) .
Shares of IBM fell 3.53% to $200.13. The technology company missed analysts' consensus revenue estimate, reporting first-quarter revenue of $24.67 billion on earnings of $2.78 a share. Analysts, on average, expected revenue of $24.77 billion on earnings of $2.65 a share.
TheStreet Ratings gives IBM an A+ grade with a buy rating and $266.87 price target.
Intel shares lost 1.83% to $27.95. Intel reported Tuesday first-quarter earnings of $2.9 billion, or 56 cents a share, which topped the average analyst estimate of 50 cents a share. But the chip maker anticipates that its second-quarter non-GAAP gross profit margins will fall on a sequential basis.
TheStreet Ratings gives Intel an A+ grade with a buy rating and $36.65 price target.
Shares of Johnson & Johnson dropped 1.49% to $63.26, continuing to slide after its quarterly earnings report Tuesday morning.
TheStreet Ratings gives Johnson & Johnson a B- grade with a buy rating and $74.09 price target.
Pfizer shares rose 14 cents, or 0.63%, to $22.45. The pharmaceutical company is getting closer to selling its baby nutrition division to Nestle, according to The Wall Street Journal.
TheStreet Ratings gives Pfizer an A- grade with a buy rating and $27.66 price target.
--Written by Alexandra Zendrian in New York.
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