(By Balachander) U.S. stocks slipped, paring Tuesday's rally, as investors digested weaker-than-forecast quarterly reports from blue-chip U.S. technology companies such as IBM and Intel.
S&P 500 Index retreated 0.41 percent to finish at 1,385.14. The Dow Jones Industrial Average lost 0.63 percent to end at 13,032.75. The Nasdaq Composite Index closed at 3,031.45, down 0.37 percent.
On the Europe news front, bad loans ratio at Spanish banks climbed to an 18-year high of 8.16 percent, a report released by the Bank of Spain showed.
Hot Stocks Of The Day: (IBM, INTC, YHOO, QCOM, EBAY, HAL, GNW, CREE, CHK, SXCI, CHSI)
In corporate news, International Business Machines Corp. (NYSE:IBM) posted quarterly revenue that trailed consensus estimates, dragging its shares 3.53 percent lower. IBM's first-quarter revenue was $24.67 billion, trailing consensus estimate of $24.79 billion.
Cell phone chip maker Qualcomm Inc. (Nasdaq:QCOM) reported better-than-expected quarterly earnings, spurred by strong orders from Apple and Samsung. The company guided third-quarter and raised its full-year EPS forecast, both coming in slightly below consensus. Following the announcement, shares shed 6.2 percent to $62.87 in extended trading.
eBay Inc. (NASDAQ:EBAY) raised its forecast for the full year after the online auction site reported better-than-expected quarterly earnings, helped by strong performance of its PayPal and marketplaces businesses. The stock gained 4.18 percent to $37.37 in extended trading.
Yahoo! Inc. (Nasdaq:YHOO) added 3.20 percent after the struggling Internet company delivered better-than-expected quarterly earnings and revenue helped by growth in the online advertising market.
Intel Corp. (NASDAQ:INTC) retreated 1.83 percent after the world's largest semiconductor company reported a drop in quarterly earnings, hit by flat revenue and jump in expenses. The company also guided gross margin below analysts' expectations.