BUZZ-U.S. Stocks on the Move-Vitae, ChemoCentryx, TubeMogul, IBM
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U.S. stocks were mixed on Monday, with the S&P 500 and Nasdaq posting modest gains, but the Dow falling as quarterly results from IBM disappointed. The Dow Jones industrial average was down 0.18 percent at 16,350.16, the S&P 500 was up 0.44 percent at 1,895.13 and the Nasdaq Composite dropped 9.91 points, or 0.23 percent, to 4,248.53.
** IBM CORP, $169.19, -7.06 pct
The world's largest technology services company said it no longer expected to achieve its 2015 operating earnings target of at least $20 per share after weak client spending resulted in an unexpected fall in quarterly earnings and revenue.
The company also said it would pay contract-chipmaker Globalfoundries Inc $1.5 billion in cash over the next three years to take its loss-making semiconductor unit off its hands.
The stock, which fell to its lowest in nearly three years, was Monday's biggest drag in the S&P 500 index as well as Dow Jones industrial average.