IBM reported earnings after the closing bell on Monday that missed on revenue, which fell for the 13th consecutive quarter—news that could weigh on investor sentiment ahead of Apple earnings later on Tuesday. IBM shares fell about 6 percent in pre-market trade and stock futures for the blue-chip Dow Jones industrial average were down about 70 points while Nasdaq futures turned lower. S&P 500 futures were lower by about 4 points.
Travelers reported adjusted profit of $2.52 per share, beating estimates of $2.12, though revenue was slightly below forecasts. The insurers' bottom line was helped by a significant drop in catastrophe losses.
United Technologies earned $1.73 per share for the second quarter, 2 cents above estimates, with revenue shy of forecasts. The industrial conglomerate also cut its full-year forecast, in part to reflect the just-announced sale of its Sikorsky Aircraft unit to Lockheed Martin.
Verizon came in 3 cents above estimates with second quarter profit of $1.04 per share, but revenue was below Street consensus. Wireless revenue was up 5.3 percent compared to a year earlier, while FiOS revenue increased by 10 percent.