Recapping the day's news and newsmakers through the lens of CNBC.
IBM shares plunged after it shocked investors with disappointing results. The key was plummeting business in China, where hardware sales were off about 40 percent. Some experts think China's government may be exerting pressure on domestic firms to buy Chinese-made hardware. Firms like Cisco and Apple have recently reported surprisingly weak results in China. However, it may turn out that Chinese buyers are merely on hold as they await their government's new economic reform plan, due in about a month.
Shares of Goldman Sachs were also a big earnings loser after the firm reported revenue well below analysts' forecasts. The bank did beat earnings estimates, but only by slashing expenses. A big part of the problem: a 44 percent decline in revenue in the unit that deals with fixed income, commodities and currencies. The trading unit's revenue was also down, doing worse than at rivals including Citigroup, Bank of America and JPMorgan.
But there were some big positive movers on results: Verizon reported better-than-expected results, with wireless subscriptions up by 927,000. And Google was nearing in on the $1,000 per share mark after earnings that topped expectations.