However, it wasn't all bad, despite the pullback.
(T - Get Report)
was better than expected on the profit line, as were
. While AT&T and CME declined, Lockheed Martin shot higher by 3.6% to $103.09.
British oil major
said earnings rose 1.5%, and
exceeded estimates and lifted its projections. BP dipped 2.9% to $72.30, while Eli Lilly finished the day unchanged at $57.17.
(EMC - Get Report)
were also better than expected, as were
. UAL was the only name in the group to finish with gains, ending higher by 4.2% for the session.
posted only its second-ever quarterly loss. Excluding items, the restaurant chain matched the forecast for a profit of 71 cents a share. Shares slipped 95 cents, or 1.8%, to finish at $51.55.
On the research front, Citigroup upgraded
to buy from hold, citing valuation. Still, shares closed lower by 41 cents, or 0.8%, to $48.41.
Among downgrades, Jefferies cut both
to hold from buy. United Rentals was off by 56 cents, or 1.7%, to $32.42. GlobalSantaFe ended down 73 cents, or 0.9%, to $77.60.
On Monday, both stocks made M&A headlines and gave the major averages a boost.
said it will combine with GlobalSantaFe to form a driller with an enterprise value of $53 billion.
firm Cerberus said it will acquire United Rentals for $2.83 billion.