A mix of good and bad quarterly earnings news from big U.S. companies pushed the markets to a mixed close Tuesday, even as the Dow set a new record high.
The Dow Jones industrial average (^DJI) added 22 points, or 0.14 percent, to 15,568, while the S&P 500 (^GSPC) slipped 3 points, or 0.2 percent, to 1,692. The technology-driven Nasdaq Composite Index (^IXIC) fell 21 points, or 0.6 percent, to 3,579.
Shares of Apple (APPL) slid 1.7 percent to $418.99 ahead of the tech bellwether's earnings report.
UPDATE: Apple reported it earned $6.9 billion, or $7.47 a share, in its fiscal third quarter, a 22 percent drop from $8.8 billion, or $9.32 a share, in the same period a year ago. The results, announced shortly after markets closed Tuesday, confirm the iPhone-maker's growth has stalled along with its pace of innovation.
Elsewhere in the tech sector, Cisco Systems (CSCO) said it will buy software maker Sourcefire (FIRE) for about $2.7 billion to increase its network security services. Sourcefire shares surged 28 percent to $75.49, while Cisco's stock fell 0.6 percent to $25.56.
Shares of United Technologies (UTX), the world's largest maker of elevators and air conditioners, hit an all-time high of $105.50 and led the Dow's advance after the company raised the low end of its 2013 earnings forecast. The stock ended the day up 3 percent to $105.12.
Wendy's (WEN) also rose 55 cents, or 8.2 percent, to $7.23 after posting better results than financial analysts expected. But Marlboro maker Altria Group (MO) fell 2.3 percent after its results came up short of expectations, even as higher prices and lower expenses from a legal settlement offset a drop in cigarette sales and helped the company post an increase in profits.
More Stocks in the News:
Caterpillar (CAT) said global sales of its heavy equipment fell 8 percent for the three-month period that ended in June, hurt by a steep drop in demand from Asia. That followed a 7 percent decrease for the three months that ended in May and a 9 percent slide for the three months that ended in April, the company said in a Securities and Exchange Commission filing. Caterpillar shares fell 48 cents to $85.52. The company is due to report quarterly earnings on Wednesday.
Bristol-Myers Squibb (BMY) said it plans to eliminate about 200 jobs at its Plainsboro and other central New Jersey offices, as it consolidates finance and other operations at a new facility in Tampa, Fla., where costs are lower. The pharmaceutical giant employs more than 6,000 workers in New Jersey, where it has its headquartered. Shares rose 19 cents, or 0.4 percent, to $45.19.
Netflix (NFLX) dropped $11.70, or 4.5 percent, to $250.26. The company said Monday that it signed up fewer subscribers than financial analysts had projected. Big expectations have propelled Netflix's stock up 167 percent since the start of the year, adding more pressure on the company to deliver amazing numbers.
DuPont (DD) reported a nearly 12 percent decline in second-quarter earnings, partly because of lower pricing for titanium dioxide, a widely used whitening pigment. The chemicals giant also said it is exploring a possible sale or spinoff of its performance chemicals unit. The stock lost 5 cents, or 0.1 percent, to close at $57.12, but was up to $58.19 in extended hours trading.
RadioShack (RSH) reported a wider second-quarter loss and said its chief financial officer had resigned. The news comes as the struggling electronics retailer works to revamp its stores and product assortment ahead of the crucial holiday season. Shares fell 15 cents, or 5.1 percent, to $2.78. The stock has traded between $1.90 and $4.28 during the past 52 weeks.
What to watch Wednesday:
The Commerce Department reports new home sales for June at 10 a.m Eastern time.
The Energy Information Administration releases its latest weekly report on petroleum stockpiles at 10:30 a.m.
These companies are scheduled to report quarterly earnings:
Boeing Co. (BA)
Caterpillar Inc. (CAT)
Delta Air Lines Inc. (DAL)
Dr Pepper Snapple Group Inc. (DPS)
Eli Lilly & Co. (LLY)
Facebook Inc. (FB)
Ford Motor Co. (F)
PepsiCo Inc. (PEP)
Reynolds American Inc. (RAI)
US Airways Group Inc. (LCC)
Visa Inc. (V)
-Compiled from staff and wire reports.