(Updates from 1:48 p.m. ET with closing information.)NEW YORK ( TheStreet) -- Time Warner Cable (TWC - Get Report) shares dropped 2.18% to $113.88 amid its ongoing dispute with CBS (CBS).
IBM (IBM - Get Report) shares fell 2.10% to $191.40 after a downgrade by Credit Suisse. Credit Suisse analyst Kulbinder Garcha cut his rating on the venerable technology company's stock to "underperform" from "neutral," with a price target of $175. Garcha cited a number of concerns, including IBM's market share, cash flow, and future organic growth. Garcha also noted that "the shift to cloud...continues to present risks given IBM's technology positioning." Reports came earlier this week IBM would furlough the majority of its US employees in the hardware unit. Those employees will be required to take a week off at one-third pay beginning either August 24 or August 31.
Sprint (S) shares rose 1.31% to $6.97 following the end of an SEC probe. The company said Monday the SEC had closed its investigation into the company's collection of local and state taxes and did not intend to recommend any enforcement action. The SEC issued a subpoena in July 2012 due to a lawsuit filed by New York Attorney General Eric T. Schneiderman seeking $100 million in unpaid taxes and triple damages. Last month, the New York State Supreme Court declined to dismiss the case; Sprint plans to appeal that decision. In addition, Japan's SoftBank Co. said Tuesday that it had increased its stake in Sprint by 0.73% to 79.07%. The share purchases, made through subsidiary Galaxy Investment Holdings, were intended to increase the company's ownership to 80%.
Closing prices: TWC closed down 1.9% to $114.26, IBM fell 2.3% to $190.99 but S closed up 1.3% to $6.97. -- Written by Laura Berman in New York