Dow component IBM reported another operational miss with low quality EPS. Coach reported a quarter with comps in the U.S. down 13.6%, a significant deceleration from the 6.8% decrease last quarter. Nuance Communications, the provider of voice recognition software, is trading up this morning after pre-announcing first quarter revenue and EPS above previous guidance. In M&A, VMWare acquired AirWatch, a provider of enterprise mobile management and security solutions. U.S. Bancorp reported an earnings beat but saw net income margin falling quarter over quarter. Meanwhile, rail name Norfolk Southern reported a beat with strong intermodal, chemical, auto and agricultural shipments to offset declines in coal traffic.