Alcatel-Lucent and Research in Motion announced Tuesday afternoon they will work together to distribute the latter's popular smartphones in China.
Apple said fourth-quarter earnings rose 67 percent from a year ago, blowing past expectations, as the company turned in strong sales of its Macintosh computers and iPod music players during a period when much of the focus had been on the iPhone.
Wal-Mart Stores , the world's largest retailer, said it plans capital expenditures for its current fiscal year of $14.7 billion to $15.4 billion, lower than its previous forecast.
Meanwhile, American Express said late Mondaythat third-quarter earnings rose 10 percent -- but revenue fell short of expectations.
Some traders attributed the market pullback to a reversal in crude oil prices. Oil dipped below $86 on Tuesday, giving up early gains in response to concerns about the health of the U.S. economy and further indications OPEC has already substantially raised oil output.
Light crude futures fell on the New York Mercantile Exchange.
Amgen shares gained after a Boston jury on Tuesday found that a key patent on top-selling anemia drugs is valid, blocking Roche from launching a rival medicine in the United States.
In other earnings news, Dow component DuPont also topped analysts' estimates Tuesday morning, reporting third-quarter operating earnings of 59 cents a share, ahead of the consensus of 52 cents a share.
However, Texas Instruments said late Mondayquarterly earnings grew 16 percent from the year-ago quarter thanks to strong analog chip sales. But the mobile chipmaker forecast revenue below analysts' estimates, pushing shares lower.
Countrywide Financial moved to offset worries about huge subprime writedowns by announcing a program in which it will refinance loans for borrowers facing a resetting on their adjustable interest rates.
As the market continues to seesaw, analysts expect continued volatility until the housing and credit problems stabilize.