IBM rallied after the tech giant boosted its full-year earnings target, even after it posted a quarterly revenue shortfall. BMO raised its price target on the company to $205 from $200.
Fellow Dow component Verizon posted earnings in line with forecasts, while revenue topped Wall Street's expectations. S&P Capital IQ cut its rating on the stock to "strong sell" from "hold."
And Travelers edged lower after the insurance company reported profit that missed expectations.
EBay jumped after the online auction company posted better-than-expected quarterly results and reaffirmed its full-year forecasts. At least 11 brokerages boosted their price target on the company.
Qualcomm handed in a disappointing guidance for the current quarter, hurt by weak demand for chips, but shares rallied after the company said it expects a strong final quarter in 2012.
A parade of tech companies are slated to post results after the closing bell tonight including Google , Microsoft , AMD and SanDisk .
“Google’s recently bought land in Hong Kong, Singapore and Taiwan to build new data centers to support big data and cloud,” said Dani on CNBC’s “Power Lunch.” “So we expect cautious guidance, but they will probably beat the Street.”
So far, almost a fifth of the S&P 500 companies have reported earnings, with 65 percent of firms beating expectations, according to data from Thomson Reuters. Meanwhile, 56 percent of companies have missed revenue estimates.
Express Scripts and Walgreen both rallied after the two companies struck a pharmacy network agreementthat settles a long-running dispute.
Oil prices rallied to settle at an eight-week highamid the ongoing tensions in the Middle East.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
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FRIDAY: Fender and Kayak trading debut; Earnings from GE, Schlumberger, Xerox
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