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IBM sinks; Verizon, UTX revenue miss; Travelers pops

Bill McColl

Here are some of the stocks the Yahoo Finance team is following for you today.

IBM (IBM) Shares are taking a pounding this morning. Revenue at the computing giant fell for the 13th consecutive quarter, missing analysts estimates.  However, earnings topped forecasts. IBM blames the strong dollar along with increased costs for layoffs as it tries to reinvent itself into a software and cloud-based company.

Verizon (VZ) The biggest US mobile phone provider also fell short on the top line while beating on the bottom line. Verizon says revenue was driven by gains in wireless and it's FiOs system.

United Technologies (UTX) Shares are lower after the maker of Pratt and Whitney engines and Carrier air conditioners also reported earnings that topped estimates and revenue that missed. Like IBM, United Technologies says it was impacted by the effects of a strong dollar.  And it warns the currency exchange rate plus weakness in China will hurt full year results.

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Travelers (TRV) Shares are gaining this morning.  The insurance company handily beat on earnings in the quarter, as it benefited from a decline in natural-disaster claims and a tax settlement...but investment income fell.

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Qualcomm (QCOM) The Wall Street Journal reports the biggest cellphone chipmaker will conduct a sweeping review of its operations, which could lead to a breakup of the company.  The paper says Qualcomm may consider that or other options after being pressured by activist investor Jana Partners to make changes.

Apple (AAPL) The world's biggest firm by market capitalization is set to report earnings after the close of trading today.  Analysts of course will be watching for data on iPhone sales...but they'll also be trying to glean more information about demand for the Apple Watch. Separately, the company has hired Doug Betts who led global quality at Fiat Chrysler Automobiles (FCAU) and has been in the auto industry since 1987. Apple and Betts won't comment on the new role but we do know that Apple has hired a few big names in the auto industry recently for a reported electric car project codenamed "Titan."

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