Stocks were mixed by mid-morning Wednesday as earnings-driven losses in Coca-Cola (KO) - Get Report offset big gains for Apple (AAPL) - Get Report .

The S&P 500 was down 0.16%, the Dow Jones Industrial Average added 0.03%, and the Nasdaq rose 0.43%.

Apple reported a 15% drop in revenue and 23% decline in per-share earnings in its second quarter as sales of iPhones continued to decline for the second quarter in a row. The number of iPhones sold dropped 15% from the year-ago quarter, but exceeded estimates. The tech giant shocked markets in its previous March-ended quarter after reporting a drop in overall company sales for the first time in 13 years and a fall in iPhone sales for the first time ever.

Apple's services segment, which includes iTunes, Apple Music, Apple Pay, was a bright spot with revenue rising 19% to $6 billion.

"We are encouraged by what has the makings of momentum in high-profit, high-growth and highly predictable recurring revenue streams, most prominently the company's Services business, which includes iCloud, data usage, App Store (and associated licensing/royalties), along with Apple Music, Apple Pay and Apple Care, said Jim Cramer, TheStreet's founder and manager of the Action Alerts PLUS portfolio, and AAPL research director Jack Mohr. The Action Alerts PLUS portfolio owns Apple.

Apple earned $1.42 a share in its third quarter, 4 cents higher than expected, while revenue of $42.4 billion cleared estimates by $310 million. Shipments of iPhone units reached 40.399 million compared to forecasts of 40 million. iPad shipments also came in stronger than expected.

Apple shares added 6.6% on Wednesday.

Coca-Cola slipped 3.5%, weighing on the S&P 500, as currency fluctuations impacted its top-line over the second quarter. The beverage industry leader reported a 5% decline in sales to $11.54 billion, $100 million short of estimates. Currency exchange reduced sales by 3%. Organic revenue, excluding the impact of forex, rose 3% over the quarter.

Twitter (TWTR) - Get Report sank 12.4% after reporting disappointing second-quarter sales and a softer third-quarter outlook. The social network reported a nearly 20% increase in revenue to $601.96 million over the quarter, coming in slightly below expectations. The company said it expects third-quarter revenue no more than $610 million, well below expectations of $678 million.

"We believe the company is well on its way to spiraling out of control, and view its inability to engage users, monetize content or suppress executive turnover as reasons to avoid an investment in the name at all costs," said Cramer and Mohr. Twitter shares represent less than 0.5% of the Action Alerts PLUS portfolio.

Crude oil tumbled after an unexpected rise in weekly inventories. The number of barrels of crude in U.S. stocks rose by 1.7 million, according to the Energy Information Administration. A separate read from the American Petroleum Institute overnight had showed a decline of 827,000 barrels. 

West Texas Intermediate was down 2.1% to $42 a barrel on Wednesday. 

Mondelez (MDLZ) - Get Report fell more than 1% after reporting disappointing sales in its recent quarter. Revenue fell 18% to $6.3 billion, missing estimates of $6.34 billion. Organic sales, which exclude the effects of currency exchange, acquisitions and divestitures, rose 1.5%. 

Boeing (BA) - Get Report swung to a loss in its recent quarter, though a smaller-than-expected one, after last week warning of charges tied to weak demand for its large aircraft. The aerospace manufacturer reduced its adjusted earnings guidance for the full year to $6.10 to $6.30 a share, down from a previous $8.15 to $8.35. The stock rose 2.5%.

Comcast (CMCSA) - Get Report reported a better-than-expected quarter as it improved its performance in its cable segment. The media company generated a nearly 3% increase in revenue to $19.27 billion, exceeding estimates by $270 million. Comcast lost 4,000 video customers over the quarter, far less than the 69,000 lost in the year-ago quarter.

Comcast is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells CMCSA? Learn more now.

Buffalo Wild Wings (BWLD) was under pressure following a mixed quarterly report. The wings chain reported net profit of $1.27 a share, a penny above estimates. Revenue surged 15% to $490.18 million, though fell short of consensus.

Panera Bread (PNRA) rose 3% after exceeding analysts' estimates in its second quarter. The fast-casual chain earned $1.78 a share, 4 cents above forecasts, while revenue climbed 3.3% to $698.9 million. Panera also reported comparable bakery-cafe sales growth of 4.1%.

Panera Bread is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells PNRA? Learn more now.

Pending home sales rose in June, another sign the housing sector is in healthy shape, but came in below estimates. Home sales in which a contract has been signed but the deal not yet closed rose to 111 from 110.8 in May, according to the National Association of Realtors. The 0.2% increase was lower than an expected 1.3% jump.

U.S. durable goods orders fell 4% in June, the largest decline in two years. Excluding transportation, orders for long-lasting U.S. goods declined 0.5%. Core durable orders crept 0.2% higher last month.

Members of the Federal Open Market Committee will release an announcement on Wednesday afternoon after the conclusion of their two-day meeting. A press conference won't be held afterward.

The likelihood of a move in July is low, though the Federal Reserve statement will be closely analyzed for hints as to when the central bank might adjust its monetary policy after initial liftoff last December. A rate hike in July currently has a 2.4% probability, according to CME Group Fed funds futures. A December rate hike is the most likely with a 40% chance.

"Today's Federal Reserve meeting is all about the statement," James Stanley, currency analyst at DailyFX, said in a note. "The July meeting brings no press conference and no economic projections: For that, markets will need to wait for the next meeting in September... Today's statement could take on significant importance a markets wrestle with the feasibility of an actual rate hike from the Fed in the near-future."