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US stocks dip on mixed earnings, IBM dives

New York - US stocks dipped early on Tuesday following a trove of mixed earnings, including a disappointing report from IBM that sent its shares tumbling.

About 35 minutes into trade, the Dow Jones Industrial Average was at 17 191.29, down 39.25 points (0.23%).

The broad-based S&P 500 slipped 0.71 (0.03%) to 2 032.95 while the tech-rich Nasdaq Composite Index lost 4.84 (0.10%) at 4 900.63.

Dow member IBM sank 5.6% after reporting that revenues fell for the 14th straight quarter and trimming its full-year profit forecast.

Among other companies reporting earnings, Verizon rose 1.5% and Travelers advanced 1.7% while Lockheed Martin fell 1.6%.

Dow member United Technologies rose 2.6% after reporting that third-quarter earnings translated into $1.61 per share, above the $1.55 projected by analysts.

Harley-Davidson plummeted 12% after announcing it would cut an unspecified number of jobs in response to a toughening competitive environment. Earnings for the third-quarter fell 6.5% to $140.3m.

Yum Brands, the owner of KFC, Pizza Hut and Taco Bell, jumped 3.8% on news it will split off its China business into a separate company.

United Continental fell 1.2% after announcing that general counsel Brett Hart will serve as acting chief executive, substituting for newly-appointed CEO Oscar Munoz, who was hospitalized Thursday after a heart attack.

"At this time, it is too soon to know the course of treatment and timing of recovery," United said.

Chipmaker SanDisk gained 4.9% on a report that it is in advanced talks to sell itself to Western Digital. Western Digital dropped 4.1%.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.07% from 2.02% Monday, while the 30-year advanced to 2.92% from 2.88%. Bond prices and yields move inversely.

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