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U.S. stocks open lower ahead of Apple earnings

Xinhua, July 21, 2015 Adjust font size:

U.S. stocks opened lower on Tuesday as the second-quarter earnings season gets into full swing with Apple scheduled for release after the closing bell.

International Business Machines Corporation (IBM) shares slumped over 5 percent in early trading on Tuesday as its revenues missed Wall Street estimates.

IBM announced second-quarter 2015 diluted earnings from continuing operations of 3.58 U.S. dollars per share, down 15 percent year on year.

Shares of Verizon dipped 2.7 percent in early trading after the company delivered quarterly earnings above estimates and revenues shy of forecast.

The biggest U.S. wireless service provider reported 1.04 dollars in EPS in second-quarter 2015, compared with 1.01 dollars per share in second-quarter 2014.

Apple was also in spotlight as the iPhone maker is expected to post its earnings report after Tuesday's closing bell. Analysts polled by Thomson Reuters expected that the tech giant's earnings per share is seen increasing to 1.79 dollars from 1.28 dollars a year earlier.

No major U.S. economic data is due out on Tuesday. Existing home sales are scheduled for release on Wednesday and new home sales are on Friday.

U.S. stocks ended slightly higher on Monday, with the Nasdaq Composite Index setting a closing record for the third straight session, as investors digested positive second- quarter earnings reports.

Shortly after the opening bell, the Dow Jones Industrial Average fell 60.10 points, or 0.33 percent, to 18,040.31. The S&P 500 lost 1.16 points, or 0.05 percent, to 2,127.12. The Nasdaq edged down 0.69 point, or 0.01 percent, to 5,218.17. Endi