US stocks open lower after IBM, others report weak results

AP News
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Posted: Jul 21, 2015 9:40 AM
US stocks open lower after IBM, others report weak results

NEW YORK (AP) — U.S. stocks are opening lower after several companies reported weak results.

The early declines Tuesday came after three straight gains for the market.

IBM sank 5 percent after reporting revenue that fell short of what analysts were expecting. Verizon and United Technologies also posted revenue that didn't meet forecasts.

Harley-Davidson jumped 4 percent after its earnings beat estimates.

The Dow Jones industrial average was down 124 points, or 0.7 percent, to 17,971 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index gave up two points, or 0.1 percent, to 2,125. The Nasdaq composite declined seven points, or 0.1 percent, to 5,211.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.38 percent.