Midday Report: Pending Home Sales Hit 10-Month Highs; U.S. Stocks Slip

U.S. stocks traded lower after Apple (AAPL) - Get Report  posted disappointing sales for the first three months of the year. The tech giant shaved 50 points off the Dow Jones Industrial Average after reporting its first sales decline in more than a decade. Pending home sales reached a 10-month high last month. March marked the measure's second monthly increase, a positive sign of momentum for the critical spring buying season. eBay (EBAY) - Get Report  shares spiked after topping first-quarter estimates on both the top and bottom line. Revenue climbed nearly four percent, driven by customer growth in its ticket sales StubHub business and eBay's classifieds division. Chipotle (CMG) - Get Report slid after reporting a double-digit decline in revenue and same-restaurant sales. TheStreet's Keris Lahiff reports from Wall Street.