U.S. Stocks Slip on Crude Oil, Fall Hard

Dow component Disney (DIS Quote) saw its shares tack on 2.9% after the entertainment conglomerate said earnings leaped 22% to $1.1 billion in the most recent quarter. Per-share income handily beat the Wall Street consensus.

Meanwhile, health-care name Allergan (AGN Quote) edged past first-quarter projections and issued in-line guidance, but shares were backing off from early gains to slip 3.3%.

Cognizant Technology (CTSH Quote) beat by a penny, but the Internet-technology consulting firm also offered subpar guidance for the current quarter and for all of 2008, and shares were sliding 10.5%.

As for the day's analyst research, Deutsche Bank and Sandler O'Neill each lifted NYSE Euronext's (NYX Quote) rating to buy from hold a day after the Big Board reported a soaring first-quarter profit. On the other hand, Deutsche Bank cut China-based Sohu.com (SOHU Quote) to hold from buy.

Shares of NYSE ended up a 31 cents at $73.26, having pared back from bigger gains earlier in the day, and Sohu.com surrendered 10.1%.

Treasury prices were picking up amid the decline in equities. The 10-year note rose 19/32 in price to yield 3.84%, and the 30-year bond jumped 30/32 in price, yielding 4.60%.

Markets abroad were mostly higher. Hong Kong's Hang Seng Index lost 2.5% overnight, but Nikkei 225 in Tokyo climbed 0.4%. In Europe, London's FTSE 100, Germany's Xetra Dax and the Paris Cac were all ahead by 0.7% or more.