Burger King rallied following mixed data and a management revamp. Positive news for investors included a dividend increase and a share repurchase program of up to $200 million of common stock. On the flipside, the company said its global comparable sales declined 1.5 percent in the quarter.
Netflix and Hasbro were both higher after the two companies announced an expanded kids programming agreement.
Technology stocks were under pressure after an industry report that showed shipments of personal computers plummeted in the first quarter. Hewlett-Packard was the biggest loser on the S&P 500.
Microsoft was lower after a pair of high-profile downgrades. Goldman Sachs downgraded the stock to "sell" from "neutral," while Nomura downgraded the software giant to "neutral" from "buy."
Barclays downgraded the U.S. semiconductor sector to "neutral" saying that the growth profile in chipmakers is much slower than many expect. The brokerage cut Broadcom to "underweight" from "overweight" but upgraded Silicon Labs from "equal-weight" to "overweight."
—By CNBC's Lori Spechler
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