PepsiCo ( PEP) reported first-quarter earnings that beat analysts' expectations. The beverage and snacks maker earned $1.13 billion, or 71 cents a share, down slightly from year-earlier earnings of $1.14 billion, or 71 cents, while core earnings were 69 cents a share; analysts were expecting 67 cents. Shares were lower by 0.4%. UPS ( UPS) slid 1.8% after the largest overnight package shipper said net income was $970 million, or $1 a share. Analysts had estimated $1.01. Revenue rose 4% to $13.1 billion. Analysts had estimated $13.3 billion. Shares of Akamai Technologies ( AKAM) plunged 14% after it reported a decline in margins although it managed to beat estimates on the topline and the bottomline. The company said its longtime CEO Paul Sagan plans to leave by the end of next year. H&R Block ( HRB) shares tumbled 10% after the tax firm announced plans to shutter 200 offices and lay off 350 staffers as part of a new "strategic realignment." In commodity markets, the June crude oil contract rose 43 cents to settle at $104.55 a barrel. The June gold contract gained $18.80 to settle at $1,660.50 an ounce. The benchmark 10-year Treasury was last gaining 10/32, diluting the yield to 1.95%. The greenback was trading lower against a basket of currencies, with the dollar index down 0.1%.
In Europe, London's FTSE and Germany's DAX closed higher by 0.5% each. Hong Kong's Hang Seng rose 0.8% and Japan's Nikkei Average finished flat. -- Written by Andrea Tse and Shanthi Bharatwaj in New York. >To contact the writer of this article, click here: Andrea Tse.