"We got used to companies beating estimates by a pretty good margin"
- Burt White, chief investment officer at LPL Financial Corp.
U.S. stocks fell after Intel Corp. and International Business Machines Corp. disappointed market participants with their quarterly results.
The Standard & Poor's 500 dropped by 0.41%, or 5.64 points, to 1,385.14. The Dow Jones Industrial Average fell by 0.63%, or 82.79 points, to 13,032.75. The Nasdaq Composite Index declined by 0.37%, or 11.37 points, to 3,031.45.
"We got used to companies beating estimates by a pretty good margin," said Burt White, chief investment officer at LPL Financial Corp.
"While earnings estimates have come down, the whisper number hasn't. Companies have a lofty target to beat. That's why when you see results like Intel and IBM's, it illustrates that the market does have higher expectations than what consensus is."
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