The Dow Jones Industrial Average dropped 60.51 points, or 0.46% to 13,055. The biggest percentage decliners among the blue chips were IBM, Intel and Johnson & Johnson (JNJ).
Shares of IBM fell 2.89% to $201.46. The technology company missed analysts' revenue estimates, 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 1.76% to $27.97. 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 report Tuesday morning. TheStreet Ratings gives Johnson & Johnson a B- grade with a buy rating and $74.09 price target. -- Written by Alexandra Zendrian in New York.
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