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US: Stocks drop on mixed earnings; IBM shares dive


[NEW YORK] US stocks opened lower Tuesday following a trove of mixed earnings, including a disappointing report from IBM that sent shares tumbling.

Five minutes into trade, the Dow Jones Industrial Average was at 17,161.86, down 68.68 points (0.40 per cent).

The broad-based S&P 500 dipped 5.19 (0.26 per cent) to 2,028.47, while the tech-rich Nasdaq Composite Index dropped 14.35 (0.29 per cent) to 4,891.12.

Dow member IBM sank 4.9 per cent after reporting that revenues fell for the 14th straight quarter and trimming its full-year profit forecast.

Among other companies reporting earnings, Verizon rose 0.6 per cent, while Lockheed Martin fell 1.6 per cent.