Shares of Coach plunged after the retailer reported quarterly profits. Earnings at the luxury retailer tumbled 20 percent. The handbag and accessories retailer said its North American sales fell due to tough competition. That sharp drop in sales sent stock down more than nine percent to $45.71.
Bristol-Myers Squibb reported better than expected quarterly earnings, helped by cost cuts and lower taxes. But revenues missed estimates and shares fell on concerns over a possible delay in completing a marketing application for its high-profile cancer drug. Bristol fell two percent to $49.32.
Goodyear Tire reported an earnings miss on the top and bottom lines. The biggest U.S. tire maker was hurt by severe weather in North America and a labor dispute in Venezuela. It also took a $132 million charge related to a drop in value of Venezuela’s currency. Shares tumbled 7.5 percent to $25.11.
IBM’s board approved a 16 percent increase in its quarterly dividend which is now $1.10 a share. That will be paid to stockholders in June. This is the 19th year in a row that the company will up the return. Shares of big blue rose one percent to $195.11.