Stocks Opened Weaker, Dow Dropped Over 100

U.S. stocks opened weaker on Tuesday after weak earnings reports from companies such as IBM and United Technologies Corp. The Dow Jones Industrial Average lately dropped 115.38 points, or 0.64%, to 17,985.03. The S&P 500 was off 0.22 point, or 0.01%, to 2,128.06. The Nasdaq Composite gained 9.87 points, or 0.19%, to 5,228.73.

International Business Machine Corp.’s (IBM) revenue decline was worse than expected in the second quarter. The tech giant reported net income of $3.4 billion, or $3.50 a share, on revenue of $20.8 billion; after adjustments, IBM reported profit of $3.84 a share.

United Technologies Corp. (UTX) warned Tuesday that profit at its UTC Aerospace Systems and Otis elevator unit would be lower-than-expected for all of 2015. United Technologies is now expecting operating profit at UTC Aerospace to be down $25 million to $75 million from the year earlier, and at Otis to be down $300 million to $350 million, including the impact of the strong dollar.

Tesla Motors Inc (TSLA.O) is just not feeling the love from Wall Street, with UBS on Tuesday becoming the third investment bank this month to downgrade the electric sports-car maker’s stock. UBS analyst Colin Langan cut his rating to “sell” from “neutral”, saying he expects the company’s car sales and home battery sales growth to disappoint.

Toshiba Corp’s (6502.T) chief executive Hisao Tanaka and a string of other senior officials resigned on Tuesday for their roles in the country’s biggest accounting scandal in years.

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