Intel, IBM, J&J: Dow Midday Movers

NEW YORK ( TheStreet) - U.S. stocks were falling midday Wednesday as mixed earnings reports from tech heavyweight Intel ( INTC) and IBM ( IBM) weighed on investor sentiment.

The Dow Jones Industrial Average dropped 60.51 points, or 0.46% to 13,055. The biggest percentage decliners among the blue chips were IBM, Intel and Johnson & Johnson ( JNJ).

Shares of IBM fell 2.89% to $201.46. The technology company missed analysts' revenue estimates, reporting first-quarter revenue of $24.67 billion on earnings of $2.78 a share. Analysts, on average, expected revenue of $24.77 billion on earnings of $2.65 a share.

TheStreet Ratings gives IBM an A+ grade with a buy rating and $266.87 price target.

Intel shares lost 1.76% to $27.97. Intel reported Tuesday first-quarter earnings of $2.9 billion, or 56 cents a share, which topped the average analyst estimate of 50 cents a share. But the chip maker anticipates that its second-quarter non-GAAP gross profit margins will fall on a sequential basis.

TheStreet Ratings gives Intel an A+ grade with a buy rating and $36.65 price target.

Shares of Johnson & Johnson dropped 1.49% to $63.26, continuing to slide after its quarterly report Tuesday morning.

TheStreet Ratings gives Johnson & Johnson a B- grade with a buy rating and $74.09 price target.

-- Written by Alexandra Zendrian in New York.

>To contact the writer of this article, click here: Alexandra Zendrian

>To submit a news tip, send an email to: tips@thestreet.com.

>To follow the writer on Twitter, go to Alexandra Zendrian.

If you liked this article you might like

What to Watch From Samsung, Google and Others at the Mobile World Congress

What to Watch From Samsung, Google and Others at the Mobile World Congress

HPE's Earnings Beat Is Encouraging, but Don't Get Too Excited Just Yet

HPE's Earnings Beat Is Encouraging, but Don't Get Too Excited Just Yet

Citi Will Refund $335 Million in Card Charges: LIVE MARKETS BLOG

Citi Will Refund $335 Million in Card Charges: LIVE MARKETS BLOG

Jim Cramer: Today Is Not Just About VIX, It Is About COMPANIES!

Jim Cramer: Today Is Not Just About VIX, It Is About COMPANIES!