Twitter's earnings were leaked during the regular trading session, and investors sold off on the disappointing results. Stocks closed mixed. Bobbi Rebell reports.
Twitter earnings, a major disappointment to Wall Street that came earlier than expected. Financial data firm Selerity leaked the results late in Tuesday's session. They were scheduled to be released after the closing bell. The microblogging website operator's quarterly revenue was below forecasts, Twitter blaming a significant decline in "ad engagement growth." Twitter also cut its revenue forecast. Shares fell 18 percent. GoPro earnings and revenues coming in stronger than forecasts. Revenues up 54 percent for the wearable camera maker, thanks to a surge in sales outside the United States. Tuesday trading got off to a turbulent start, but the major U.S. market indices recovered, ending the day mostly higher. The Dow, S&P 500 lifted by better-than-expected housing data and strong earnings results from Dow component Merck. Investors also focusing on the Federal Reserve meeting which kicked off Tuesday looking for clues regarding an interest rate hike. S&P's David Blitzer: SOUNDBITE: DAVID BLITZER, MANAGING DIRECTOR, S&P DOW JONES INDICES IN (ENGLISH) SAYING: "The last meeting, they pretty much predicted no action in April, and, I think, that's what we'll get. We'll get a lot of comments about the economy, and it will be closely read because some of the recent economic numbers look a little bit soft and sluggish." That sluggish data includes consumer confidence, which declined in April as outlook on the labor market soured. Pfizer posted a better than expected profit, but lowered its full year revenue forecast on strong U.S. dollar worries. Shares ticked down slightly. Appliance maker Whirlpool also cut its forecast. Coach shares skidded more than seven percent, after the company reported sales in North America plummeted 24 percent. The luxury handbag maker also announced additional store closures in the U.S.. Ford results coming in weaker-than-forecasts, but the automaker did confirm its outlook for the year. UPS posted mixed results. Quarterly profit beat expectations, but revenue missed. It also announced its CFO is retiring, an internal replacement has been named. Shares moved higher. IBM announced it will raise quarterly dividend by 18 percent, its biggest increase in five years. Shares rose on the announcement. In Europe, disappointing earnings reports also weighed on the markets.