Midday Report: Harley Davidson Stalls; IBM Earnings Drive Markets

Stocks traded lower midday Tuesday as better-than-expected earnings from Verizon (VZ) boosted telecoms, while a disappointing quarter from IBM (IBM) dragged on the tech sector. Harley-Davidson (HOG) weighed on markets after missing profit estimates and reducing full-year forecasts. The motorcycle manufacturer expects to ship no more than 270,000 units for the year, down from previous guidance of at least 276,000. The company also said it plans to cut jobs as a result of weakened demand. United Technologies (UTX) moved higher after announcing a $12 billion share buyback program and beating profit estimates in its third quarter. However, revenue came in short as currency exchange ate into the topline and amid engine-delivery delays over the quarter.