IBM (NYSE:IBM) is weighing on the Dow Jones Industrial Average (NYSE:DIA) as shares sink more than 4% at the open. The largest computer services company reported weaker than expected third quarter results. Sales came in at $26.2 billion, but analysts were expecting $26.3 billion. It is the second time in nine quarters that the company missed revenue estimates. Don’t Miss: IBM Earnings Cheat Sheet: Positive Earnings Streak.
Soft drink giant Coca-Cola (NYSE:KO) opened slightly lower as the company reports better-than expected earnings in the third quarter. Net income was $2.22 billion (95 cents per share), an increase from last year’s $2.06 billion (88 cents per share). Shares of rival Pepsi (NYSE:PEP) are trading slightly higher.
Investing Insights: Coca-Cola Earnings Cheat Sheet: Revenue and Profits Rise.
Johnson & Johnson (NYSE:JNJ) is relatively flat at the open. The world’s second biggest seller of health care products reported a decrease of 6.4% in profits for the third quarter. The company spent more money to promote new drugs, but also lost sales due to competition from generic brands.