U.S. Stocks Decline as Intel, IBM Tumble After Results
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U.S. stocks fell, after the biggest advance in more than a month for the Standard & Poor’s 500 Index, as Intel Corp. and International Business Machines Corp. drove a slump in technology shares after reporting results.
Intel and IBM dropped at least 1.8 percent amid the slowest sales growth since 2009. Berkshire Hathaway Inc. Class A shares slid 1.3 percent as Warren Buffett was diagnosed with stage 1 prostate cancer. Genworth Financial Inc. tumbled 24 percent after delaying plans for a public offering of its Australian unit backing home loans after “elevated” losses in the nation. Qualcomm Inc., the largest maker of mobile-phone chips, sank 3.5 percent at 5:03 p.m. New York time on disappointing forecasts.