Morgan Stanley(MS) reported better-than-expected results, with strong gains in its burgeoning wealth management division. However, sharp declines from its trading division rattled investors, pushing shares down 4%. Rival Bank of Americ(BAC)a was the Dow's biggest loser -- sinking 2% -- just a day after dropping 5% on missing first-quarter earnings estimates.
Flash memory card maker SanDisk(SNDK) reported better-than-expected earnings and sales for the first-quarter, but shares declined more than 6%, making it the biggest loser in the S&P 500 and Nasdaq 100. eBay(EBAY) shares were also under pressure, falling nearly 6% after the online-auction site issued weak second-quarter guidance.
Ebay's dip an overreaction?
Apple's(AAPL) shares also continued to slide after falling nearly 6% Wednesday. The iPhone maker's stock dropped below $390 Thursday, the lowest level since December 2011. Investors recently turned sour after a negative sales forecast from iPhone supplier Cirrus Logic(CRUS).
While technology stocks were largely weighing on the broader market, Verizon(VZ) was bucking the trend. Shares of the company jumped almost 3% after it beat earnings forecasts.
Tech stocks remained in focus after the bell as IBM(IBM)Google(GOOG) and Microsoft(MSFT) reported earnings.
IBM shares tumbled 3% in after-hours trading after the company's first-quarter results fell short of estimates. Google shares edged up after its results pleased investors, despite questions on how it plans to make money off its mobile ads and its Motorola smartphone unit.
Microsoft shares rose after the company reported its quarterly profit rose from last year, buoyed by Windows 8 sales.