Intel reported lower profits, but beat forecasts. Concerns about weak profits and renewed fears of slowing growth in China weighed on stocks. Bobbi Rebell reports.
After the closing, Intel reporting a drop in quarterly profits. Results for the chipmaker, however, were better than forecasts. Wall Street drifted lower on Tuesday. Weak import data from China dampened the mood, sending stocks down in Europe as well. BMO Private Bank CIO Jack Ablin: (SOUNDBITE) JACK ABLIN, CHIEF INVESTMENT OFFICER, BMO PRIVATE BANK (ENGLISH) SAYING: "We're going to have to cope with slowing economic growth that appears to be washing up on our shores. And, the fact is, the Fed and other central banks don't have the ammunition they had to combat some of these challenges that they would have year ago." Anheuser-Busch InBev finally overcame its challenge of getting SABMiller to say yes after five tries. The world's largest brewers are combining in a $100 billion deal. That could push SAB to sell its stake in a joint venture with Molson Coors. Shares of the three companies rose. Shares of Twitter climbed after the microblogging service said it would lay off about eight percent of its staff. JetBlue's shares went the other way. J.P. Morgan downgrading them to "neutral" from "overweight." Johnson & Johnson said it'll buy back up to $10 billion of its stock. But shares fell after the drug maker's quarterly sales disappointed Wall Street.