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Indexes faltered to a mixed close Wednesday as slipping crude oil prices and a possibly final interest-rate cut failed to buttress buyers.

The NYSE composite closed 0.2% higher, based on early figures, led by energy stocks.

But the Nasdaq notched a 0.6% loss. The S&P 500 slipped 0.4% while the Dow ended down a fraction.

Preliminary figures showed volume rose across the board, marking the Nasdaq’s second distribution day in recent weeks. It was also a distribution day for the S&P 500. The Dow’s loss was too small to be considered institutional selling.

The Nasdaq slipped despite a 3% jump by Google () as other tech stocks tumbled.

Research In Motion () took a pounding, losing 4.66 to 121.63. The smartphone maker appears to be adding another handle to its base.

On the upside, communications chipmaker NetLogic Microsystems () gapped up for a 3.93 gain to 32.79. The company handily topped Q1 consensus. The 14% jump left shares just below a possible buy point at 33.

On the foreign front, Brazil’s Bovespa index rose to a record high, blasting ahead 6.3% after Standard & Poor’s announced it was raising the country’s foreign bond rating. The move gives Brazil’s bonds investment-grade ratings, on par with India, Morocco and Romania, and may help attract additional foreign capital.

Brazilian home builder Gafisa ()jumped 5.89 to 43.55. Companhia Brasileira () added 3.94 to 45.49. Unibanco Holding () spiked up 15.28 to 145.41. Banco Itau Holding () gained 2.28 to 28.05. Banco Bradesco () rose 1.58 to 22.58.

3:15 p.m. Update: Stocks Retreat After Fed Announcement

By VINCENT MAO

The major stock indexes hovered near session highs in late trade Wednesday. Equities extended gains just after the Fed gave the market another rate cut, but they’ve pulled back some.

At 2:51 p.m. EDT, the Dow and Nasdaq were up 1% each. The S&P 500 gained 0.6% and Nasdaq 0.5%.

Volume was tracking higher on both exchanges.

Techne () climbed 2.43 to a near eight-year high of 74.22 in heavy trading. The biotech is following through after clearing a 71.52 buy point from a base-on-base pattern Tuesday.

Cummins () powered up 4.75 to 62.24 in heavy trade. Earlier today, the engine maker topped views with a 37% jump in Q1 earnings. That was its best performance in several quarters. Cummins is building a potential cup base.

On the downside, Cash America International () dropped 4.25 to 40.90 in busy trading. But it bounced from a session low of 38.30. Jefferies & Co. cut the pawnshop operator to hold from buy, citing valuation.

2:30 p.m. Update: Fed Cuts Rates As Expected

By ED CARSON

The Federal Reserve cut the fed funds rate by 25 basis points to 2%, as expected, citing weak U.S. economic activity and “stressed” financial markets. But it also cited rising commodity prices and inflation expectations, making the inflation outlook unclear.

The Fed said it expects sharp rate cuts in recent months would support growth, but stood ready to act as needed.

The vote was 8-2, with the dissenters likely favoring no move. Many analysts expect that this would be the last Fed cut of the latest cycle of rate reductions.

Stocks, which were rallying just ahead of the Fed’s action, moved up and down after the news. At 11:24 a.m., the Dow was up 0.9%, while the Nasdaq and S&P 500 rose 0.5%.

1:15 p.m. Update: Indexes Back Off Ahead Of Fed

By VINCENT MAO AND ALAN R. ELLIOTT

Stocks pulled back from session highs by midday Wednesday, ahead of the central bank’s decision on interest rates.

At 12:44 p.m. EDT, the Dow led with a 0.7% gain. A 13% jump in shares of General Motors () on an earnings report boosted the index. The Nasdaq and NYSE composites were up 0.5% each, the S&P 500 0.3%.

The Fed’s interest rate announcement is due at about 2:15 p.m. EDT. A quarter-point cut to 2% is expected.

May crude futures fell an additional $1.88 a barrel, slipping to $113.75. A 3.9-million-barrel increase in weekly inventories was nearly triple the consensus forecast and the 13th increase in the past 16 weeks. Gasoline inventories fell for a seventh straight week.

Crude pegged a record high Monday after the shutdown of some production and a major pipeline outage in the North Sea, along with various production interruptions in Nigeria. Oil dropped nearly 3% on Tuesday after the restart of the North Sea pipeline. It is now 5% off Monday’s high.

CyberSource () climbed 1.99, or 12%, to 18.29 in fast trade. It cleared a 17.66 buy point of a double-bottom base. Volume was tracking more than three times average. It’s in buying range until 18.54. After Tuesday’s close, the provider of online payment services posted a Q1 profit, excluding items, of 16 cents per share. That was 2 cents above views and double year-ago levels. Revenue surged 141% to $53.4 million, also above views.

NetLogic Microsystems () gapped up and rallied 3.40, or 12%, to 32.26. Late Tuesday, the chipmaker reported a 58% jump in first-quarter profit and a 46% rise in revenue. Both were ahead of views. The stock’s Accumulation/Distribution Rating has improved to B from a worst-possible E last month.

Open Text () gapped up and gained 1.67 to 35.65 in fast trade. This morning, the business software maker won two upgrades after posting better-than-expected earnings and sales late Tuesday. Research Capital upgraded the business software firm to buy from accumulate. And GMP Securities lifted shares to buy from hold. Both brokers raised their price targets on the stock.

On the downside, Bois d’Arc () gapped down and tumbled 1.95, or 8%, to 24.03 in huge trade. The oil and gas producer dropped despite news that it would be acquired by Stone Energy () in a deal valued at $1.8 billion. Stone shares tumbled 9%.

11:15 a.m. Update: Indexes Hold Ground In Mixed Volume

By ALAN R. ELLIOTT

Indexes clung to highs after an early jump spurred by earnings wins across a broad range of sectors.

The NYSE composite held a 0.7% gain, and the Nasdaq stuck with a 0.6% advance at 10:53 a.m. EDT. International issues led the NYSE’s upside, while biotechs scored solid gains for the Nasdaq. The S&P 500’s 0.4% rise lagged the Dow’s 0.7%. Citigroup () pulled both indexes lower.

Advancing stocks led decliners by better than 3-to-2 on both exchanges. Trading volume was lower on the NYSE, slightly higher on the Nasdaq.

Stocks were deeply mixed across Asia. The Shanghai composite bolted 4.8% as banks and insurers drove higher on solid Q1 earnings reports. Hong Kong’s Hang Seng index slipped 0.6% ahead of a holiday Thursday.

In Europe and the U.K., indexes recovered from early losses and had posted moderate gains in late trading.

The April Chicago Purchasing Managers’ Index, a broad gauge of manufacturing activity in the Midwest region, came in better than expected. The 48.3 reading was still below the crucial boom-bust 50 mark that would begin to indicate economic expansion. But it was the index’s third monthly gain after slipping to a six-year low in February.

Monolithic Power Systems () amped up for a 1.20 gain to 22.42. The semiconductor chip maker reported Tuesday it neatly topped Q1 views and said it planned to restate some prior tax figures to lower levels. The move broke shares above a 22.03 buy point from a handle in a six-month, double-bottom base. Cummins Diesel () powered ahead 5.38 to 62.87 after plowing over Q1 sales and earnings views.

Private college educator Strayer Education () jumped 16.18 to 196.07 on powerful volume. It, too, topped Q1 EPS views and upped Q2 guidance above consensus. The gap-up move launched the stock above the 196.01 buy point from a five-month cup-shaped base.

10:15 a.m. Stocks Rise On Mixed Volume

By VINCENT MAO

Stocks opened to the upside Wednesday and tacked on more gains ahead of this afternoon’s decision on interest rates.

At 9:54 a.m. EDT, the NYSE composite had gained 0.6% and the Dow 0.5%. The Nasdaq and S&P 500 each rose 0.4%.

Volume was tracking mixed, with NYSE higher and Nasdaq lower.

First Solar () gapped up and rose 13.37, or 7%, to 298.29. That puts the stock 5% past a 283.10 buy point from a cup base. Before the open, the maker of solar modules said Q1 earnings spiked to 57 cents a share, up from 7 cents a year earlier and a dime above views. Sales nearly tripled to $196.9 million, also above views.

Visa () added 1.10 to a new high of 81.98. On Tuesday, the credit card processor staged a huge reversal. Shares fell more than 6% early in the day but bounced back to close up 7%.

Fellow credit care firm MasterCard () extended Tuesday’s 13% pop, with Wednesday morning shares gaining 4.52 to 278.50. It’s now 25% past a 222.35 buy point.

On the downside, Rofin-Sinar Technologies () gapped down and slumped 8.27, or 18%, to 37.67 on huge trade. Before the open, the maker of laser cutting and welding tools posted fiscal Q2 earnings and sales below analysts’ expectations.

Chicago Bridge & Iron () gapped down and tumbled 6.20, or 13%, to 42.11 in heavy trading. The engineering and construction company reported Q1 profit shy of expectations.

9:15 a.m. Update: Stocks Poised For Higher Open

By VINCENT MAO

Stock futures pointed to a higher open Wednesday on better-than-expected GDP data.

Nasdaq futures climbed 6 points vs. fair value, S&P 500 futures gained 3 points and Dow futures rallied 37 points.

In economic news, the ADP Employment Survey predicted 10,000 new private-sector jobs in April.

The jobs report from the Labor Department will be out on Friday. A decrease of 80,000 jobs, both public and private, is seen.

The advanced reading of the first-quarter gross domestic product said the economy grew 0.6%, slightly above economists’ estimates for a 0.5% rise.

The employment cost index rose 0.7%, slightly below forecasts.

Just shortly after the open, the Chicago PMI index for April will be out. Forecasts call for a dip to 47.5.

The weekly energy inventories report is due out at 10:30 a.m. EDT.

Meanwhile, the Fed’s announcement on interest rates is due at 2:15 p.m. EDT. The central bank is widely expected to cut rates to 2% and then halt their string of cuts.

A couple of Dow components reported earnings.

General Motors () climbed 4% in the pre-market after reporting a smaller-than-expected first-quarter loss. The auto giant lost 62 cents a share, excluding items, down from a profit of 17 cents a share the prior year. Sales fell 2% to $42.7 billion, but that was above analysts’ estimates for $40.1 billion. During the quarter, the company faced a number of challenges, including the weak economy an labor strikes.

Procter & Gamble () climbed 3% in pre-open trading after it beat views. The consumer products supplier reported fiscal Q3 earnings of 82 cents a share, up 11% from a year before and a penny above estimates. Sales hit $20.46 billion, also above estimates. P&G raised the lower end of its full-year guidance to a range of $3.48 to $3.50 a share vs. views for $3.50.

Elsewhere, Citigroup () announced late Tuesday that it’s seeking to raise $3 billion through a stock offering to help boost its capital. A day later the company raised the offering to $4.5 billion. Citi has been hurt by huge write-downs tied to the subprime mortgage crisis. Shares fell 3% in the pre-market.

Garmin also fell 3% in pre-open trading after it delivered Q1 earnings and sales below views. The GPS device maker is trading near two-year lows.

Indexes faltered to a mixed close Wednesday as slipping crude oil prices and a possibly final interest-rate cut failed to buttress buyers.

The NYSE composite closed 0.2% higher, based on early figures, led by energy stocks.

But the Nasdaq notched a 0.6% loss. The S&P 500 slipped 0.4% while the Dow ended down a fraction.

Preliminary figures showed volume rose across the board, marking the Nasdaq’s second distribution day in recent weeks. It was also a distribution day for the S&P 500. The Dow’s loss was too small to be considered institutional selling.

The Nasdaq slipped despite a 3% jump by Google () as other tech stocks tumbled.

Research In Motion () took a pounding, losing 4.66 to 121.63. The smartphone maker appears to be adding another handle to its base.

On the upside, communications chipmaker NetLogic Microsystems () gapped up for a 3.93 gain to 32.79. The company handily topped Q1 consensus. The 14% jump left shares just below a possible buy point at 33.

On the foreign front, Brazil’s Bovespa index rose to a record high, blasting ahead 6.3% after Standard & Poor’s announced it was raising the country’s foreign bond rating. The move gives Brazil’s bonds investment-grade ratings, on par with India, Morocco and Romania, and may help attract additional foreign capital.

Brazilian home builder Gafisa ()jumped 5.89 to 43.55. Companhia Brasileira () added 3.94 to 45.49. Unibanco Holding () spiked up 15.28 to 145.41. Banco Itau Holding () gained 2.28 to 28.05. Banco Bradesco () rose 1.58 to 22.58.

3:15 p.m. Update: Stocks Retreat After Fed Announcement

By VINCENT MAO

The major stock indexes hovered near session highs in late trade Wednesday. Equities extended gains just after the Fed gave the market another rate cut, but they’ve pulled back some.

At 2:51 p.m. EDT, the Dow and Nasdaq were up 1% each. The S&P 500 gained 0.6% and Nasdaq 0.5%.

Volume was tracking higher on both exchanges.

Techne () climbed 2.43 to a near eight-year high of 74.22 in heavy trading. The biotech is following through after clearing a 71.52 buy point from a base-on-base pattern Tuesday.

Cummins () powered up 4.75 to 62.24 in heavy trade. Earlier today, the engine maker topped views with a 37% jump in Q1 earnings. That was its best performance in several quarters. Cummins is building a potential cup base.

On the downside, Cash America International () dropped 4.25 to 40.90 in busy trading. But it bounced from a session low of 38.30. Jefferies & Co. cut the pawnshop operator to hold from buy, citing valuation.

2:30 p.m. Update: Fed Cuts Rates As Expected

By ED CARSON

The Federal Reserve cut the fed funds rate by 25 basis points to 2%, as expected, citing weak U.S. economic activity and “stressed” financial markets. But it also cited rising commodity prices and inflation expectations, making the inflation outlook unclear.

The Fed said it expects sharp rate cuts in recent months would support growth, but stood ready to act as needed.

The vote was 8-2, with the dissenters likely favoring no move. Many analysts expect that this would be the last Fed cut of the latest cycle of rate reductions.

Stocks, which were rallying just ahead of the Fed’s action, moved up and down after the news. At 11:24 a.m., the Dow was up 0.9%, while the Nasdaq and S&P 500 rose 0.5%.

1:15 p.m. Update: Indexes Back Off Ahead Of Fed

By VINCENT MAO AND ALAN R. ELLIOTT

Stocks pulled back from session highs by midday Wednesday, ahead of the central bank’s decision on interest rates.

At 12:44 p.m. EDT, the Dow led with a 0.7% gain. A 13% jump in shares of General Motors () on an earnings report boosted the index. The Nasdaq and NYSE composites were up 0.5% each, the S&P 500 0.3%.

The Fed’s interest rate announcement is due at about 2:15 p.m. EDT. A quarter-point cut to 2% is expected.

May crude futures fell an additional $1.88 a barrel, slipping to $113.75. A 3.9-million-barrel increase in weekly inventories was nearly triple the consensus forecast and the 13th increase in the past 16 weeks. Gasoline inventories fell for a seventh straight week.

Crude pegged a record high Monday after the shutdown of some production and a major pipeline outage in the North Sea, along with various production interruptions in Nigeria. Oil dropped nearly 3% on Tuesday after the restart of the North Sea pipeline. It is now 5% off Monday’s high.

CyberSource () climbed 1.99, or 12%, to 18.29 in fast trade. It cleared a 17.66 buy point of a double-bottom base. Volume was tracking more than three times average. It’s in buying range until 18.54. After Tuesday’s close, the provider of online payment services posted a Q1 profit, excluding items, of 16 cents per share. That was 2 cents above views and double year-ago levels. Revenue surged 141% to $53.4 million, also above views.

NetLogic Microsystems () gapped up and rallied 3.40, or 12%, to 32.26. Late Tuesday, the chipmaker reported a 58% jump in first-quarter profit and a 46% rise in revenue. Both were ahead of views. The stock’s Accumulation/Distribution Rating has improved to B from a worst-possible E last month.

Open Text () gapped up and gained 1.67 to 35.65 in fast trade. This morning, the business software maker won two upgrades after posting better-than-expected earnings and sales late Tuesday. Research Capital upgraded the business software firm to buy from accumulate. And GMP Securities lifted shares to buy from hold. Both brokers raised their price targets on the stock.

On the downside, Bois d’Arc () gapped down and tumbled 1.95, or 8%, to 24.03 in huge trade. The oil and gas producer dropped despite news that it would be acquired by Stone Energy () in a deal valued at $1.8 billion. Stone shares tumbled 9%.

11:15 a.m. Update: Indexes Hold Ground In Mixed Volume

By ALAN R. ELLIOTT

Indexes clung to highs after an early jump spurred by earnings wins across a broad range of sectors.

The NYSE composite held a 0.7% gain, and the Nasdaq stuck with a 0.6% advance at 10:53 a.m. EDT. International issues led the NYSE’s upside, while biotechs scored solid gains for the Nasdaq. The S&P 500’s 0.4% rise lagged the Dow’s 0.7%. Citigroup () pulled both indexes lower.

Advancing stocks led decliners by better than 3-to-2 on both exchanges. Trading volume was lower on the NYSE, slightly higher on the Nasdaq.

Stocks were deeply mixed across Asia. The Shanghai composite bolted 4.8% as banks and insurers drove higher on solid Q1 earnings reports. Hong Kong’s Hang Seng index slipped 0.6% ahead of a holiday Thursday.

In Europe and the U.K., indexes recovered from early losses and had posted moderate gains in late trading.

The April Chicago Purchasing Managers’ Index, a broad gauge of manufacturing activity in the Midwest region, came in better than expected. The 48.3 reading was still below the crucial boom-bust 50 mark that would begin to indicate economic expansion. But it was the index’s third monthly gain after slipping to a six-year low in February.

Monolithic Power Systems () amped up for a 1.20 gain to 22.42. The semiconductor chip maker reported Tuesday it neatly topped Q1 views and said it planned to restate some prior tax figures to lower levels. The move broke shares above a 22.03 buy point from a handle in a six-month, double-bottom base. Cummins Diesel () powered ahead 5.38 to 62.87 after plowing over Q1 sales and earnings views.

Private college educator Strayer Education () jumped 16.18 to 196.07 on powerful volume. It, too, topped Q1 EPS views and upped Q2 guidance above consensus. The gap-up move launched the stock above the 196.01 buy point from a five-month cup-shaped base.

10:15 a.m. Stocks Rise On Mixed Volume

By VINCENT MAO

Stocks opened to the upside Wednesday and tacked on more gains ahead of this afternoon’s decision on interest rates.

At 9:54 a.m. EDT, the NYSE composite had gained 0.6% and the Dow 0.5%. The Nasdaq and S&P 500 each rose 0.4%.

Volume was tracking mixed, with NYSE higher and Nasdaq lower.

First Solar () gapped up and rose 13.37, or 7%, to 298.29. That puts the stock 5% past a 283.10 buy point from a cup base. Before the open, the maker of solar modules said Q1 earnings spiked to 57 cents a share, up from 7 cents a year earlier and a dime above views. Sales nearly tripled to $196.9 million, also above views.

Visa () added 1.10 to a new high of 81.98. On Tuesday, the credit card processor staged a huge reversal. Shares fell more than 6% early in the day but bounced back to close up 7%.

Fellow credit care firm MasterCard () extended Tuesday’s 13% pop, with Wednesday morning shares gaining 4.52 to 278.50. It’s now 25% past a 222.35 buy point.

On the downside, Rofin-Sinar Technologies () gapped down and slumped 8.27, or 18%, to 37.67 on huge trade. Before the open, the maker of laser cutting and welding tools posted fiscal Q2 earnings and sales below analysts’ expectations.

Chicago Bridge & Iron () gapped down and tumbled 6.20, or 13%, to 42.11 in heavy trading. The engineering and construction company reported Q1 profit shy of expectations.

9:15 a.m. Update: Stocks Poised For Higher Open

By VINCENT MAO

Stock futures pointed to a higher open Wednesday on better-than-expected GDP data.

Nasdaq futures climbed 6 points vs. fair value, S&P 500 futures gained 3 points and Dow futures rallied 37 points.

In economic news, the ADP Employment Survey predicted 10,000 new private-sector jobs in April.

The jobs report from the Labor Department will be out on Friday. A decrease of 80,000 jobs, both public and private, is seen.

The advanced reading of the first-quarter gross domestic product said the economy grew 0.6%, slightly above economists’ estimates for a 0.5% rise.

The employment cost index rose 0.7%, slightly below forecasts.

Just shortly after the open, the Chicago PMI index for April will be out. Forecasts call for a dip to 47.5.

The weekly energy inventories report is due out at 10:30 a.m. EDT.

Meanwhile, the Fed’s announcement on interest rates is due at 2:15 p.m. EDT. The central bank is widely expected to cut rates to 2% and then halt their string of cuts.

A couple of Dow components reported earnings.

General Motors () climbed 4% in the pre-market after reporting a smaller-than-expected first-quarter loss. The auto giant lost 62 cents a share, excluding items, down from a profit of 17 cents a share the prior year. Sales fell 2% to $42.7 billion, but that was above analysts’ estimates for $40.1 billion. During the quarter, the company faced a number of challenges, including the weak economy an labor strikes.

Procter & Gamble () climbed 3% in pre-open trading after it beat views. The consumer products supplier reported fiscal Q3 earnings of 82 cents a share, up 11% from a year before and a penny above estimates. Sales hit $20.46 billion, also above estimates. P&G raised the lower end of its full-year guidance to a range of $3.48 to $3.50 a share vs. views for $3.50.

Elsewhere, Citigroup () announced late Tuesday that it’s seeking to raise $3 billion through a stock offering to help boost its capital. A day later the company raised the offering to $4.5 billion. Citi has been hurt by huge write-downs tied to the subprime mortgage crisis. Shares fell 3% in the pre-market.

Garmin also fell 3% in pre-open trading after it delivered Q1 earnings and sales below views. The GPS device maker is trading near two-year lows.

A slump in oil futures and some diving drug makers held indexes down into the close Tuesday.

The NYSE composite finished down 0.7%, the Nasdaq closed a hair up. Merck’s () 10% plunge dragged the Dow and the S&P 500, which lost 0.3% and 0.4%, respectively, according to preliminary figures.

The Dow transports added 0.8%, led by railroads Union Pacific () and Burlington Northern (). Small caps saw some of the day’s worst damage, with the S&P 600 dropping 0.9%.

Volume rose across the board, according to early readings. That gave the Dow, S&P 500 and NYSE composite a new distribution day.

June crude futures sagged $3.12 to settle at $115.63 a barrel. Shares of oil majors climbed on strong earnings reports from Royal Dutch Shell () and BP (), but large portions of the energy sector lost ground as oil backed away from Monday’s high above $119 a barrel.

MasterCard () gapped up to add 31.48 to 273.98 in huge volume. The credit card firm trampled consensus estimates for a second straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. Shares swelled to 23% above their most recent 222.35 buy point.

Flowserve () spouted 8%, adding 9.61 to 124.15 on strong Q1 results and a rosy outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Merck gapped down in a big-volume loss, giving up 4.30 to 37.14. The Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug. The stock had been attempting to feel its way up from the bottom of a consolidation begun in January.

Genentech () weighed on the biotech sector with a 5.23 loss to 67.93. The company said Tuesday that a key study of its lupus drug Rituxan did not meet its response goals in patient tests. Genentech co-promotes Rituxan with Biogen (). Biogen dropped 3.34 to 61.33.

3 p.m. Update: Nasdaq Turns Up In Late Trade

By VINCENT MAO

Stocks were mixed going into the final hour of Tuesday’s trade.

At 2:43 p.m. EDT, the Nasdaq was up 0.2%, wiping out a 0.5% decline. The NYSE had lost 0.5, the S&P 0.2%. The Dow was flat.

Volume was again split, with NYSE volume tracking higher and the Nasdaq’s lower.

Chevron () climbed 2.50 to 95 in fast trade. The integrated oil giant reports earnings May 2. Analysts see profit rising 30% to $2.41 a share on sales of $7.56 billion. Chevron is nearing a 95.20 buy point from a long double-bottom base.

Sohu.com () added 0.62 to trade at a new high of 71.43. Pali Research upgraded the Chinese Internet portal to buy from neutral. On Monday, the stock gapped above a 64.93 buy point from a cup base after posting a 256% surge in Q1 profit.

On the downside, Olin () gapped down and slumped 2.56, or 11%, to 21.59. Late Monday, the maker of chemicals and ammunitions reported a 127% surge in Q1 earnings and a 56% jump in sales. But its Q2 outlook disappointed. Olin expects a profit in the range of 45 cents to 50 cents a share vs. analyst estimates of 49 cents.

Titan Machinery () tumbled 1.75, or 8%, to 20.24 in heavy trade. After Monday’s close, the agriculture and construction equipment retailer reported fiscal Q4 income that more than doubled. But the stock fell on news of a stock offering.

1:15 p.m. Update: Market Shaves Losses, But Leaders Under Pressure

By VINCENT MAO

The major stock index remained stuck in the red midday Tuesday, but it was trimming losses.

At 12:45 p.m. EDT, the NYSE composite and S&P 500 were down 0.6% and 0.4%, respectively. That’s off session lows of 0.8% and 0.7%. The Nasdaq slipped 0.3% and the Dow 0.2%.

Volume was tracking mixed with the NYSE higher and the Nasdaq lower.

Many leaders came under fire, which is not a good sign for the market. Eighty-three members of the IBD 100 traded lower. The median price in the index was minus 2.4%.

Potash Corp. of Saskatchewan () gapped down and dropped 9.33, or 9%, to 184.17 in busy trading. RBC Capital Markets cut the fertilizer maker to outperform from top pick. On Thursday, it fell 5% on huge volume, despite beating views and raising guidance.

Group mates CF Industries Holdings () dropped 6% and Terra Nitrogen () 5%.

Agco (), which is not in the IBD 100, tumbled 5.58, or 8%, to 63.20. The agricultural equipment maker pierced its 50-day moving average. This morning, the company delivered a 142% jump in Q1 profit and a 34% rise in sales. Both beat views. But the firm guided full-year profit below consensus estimates.

Highly ranked construction machinery, steel, and oil issues also got hit.

On the upside, Techne () gapped up and rallied 4.33 to 70.96. Earlier, it cleared a 71.52 buy point of a base-on-base pattern. Before the open, the medical gear maker topped views with a 27% increase in earnings and a 15% rise in sales.

11:15 a.m. Update: Indexes Dig Deeper On Firm Volume

By ALAN R. ELLIOTT

Big oil stocks lodged some gains, but the broad market indexes moved steadily lower as earnings misses outweighed better-than-expected consumer confidence data.

The NYSE composite had given up 0.8%, the Nasdaq was 0.4% lower at 10:49 a.m. EDT. Financials and health care sectors were dragging heavily on both exchanges. Midcaps slipped ahead of the curve, driving the S&P 400 down 1%. The S&P 500 slipped 0.7% and the Dow dropped 0.5%.

Volume was tracking moderately higher and decliners led advancing issues by about 2-to-1 on both exchanges.

Markets in Japan and China traded higher. The Shanghai composite added 1.4% and Hong Kong’s Hang Seng rose 1%. In Tokyo, the Nikkei 225 edged up 0.2%.

European and U.K markets gave up early gains, weighed down by banks and mining issues. The FTSE 100 surrendered just 0.1%. The CAC-40 in Paris slipped 0.9%.

Oil prices slipped in early trading, but big oil players drove much of the early upside after Royal Dutch Shell () and BP () posted strong Q1 results. Shell added 3.83 to 80.03. Conoco Philips (), Exxon Mobil (), Chevron () and Total SA () all gained ground.

MasterCard () gapped up to add 22.35 to 264.85 in huge volume. The credit card service provider trampled consensus views for a second-straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. And currency fluctuations, driven by the euro and the Brazilian real vs. dollar, added 5.1% of the increase in net revenue for the quarter. Shares swelled to 19% above its most recent buy point of 222.35.

Specialty steel components makers took a solid hit on earnings news. Ladish Holdings () tumbled 4.69 to 28.36 after delivering Q1 earnings sharply lower than views on Monday. Shares have been plunging since October.

Carpenter Technology () also fell short of views and dropped 5.67 to 48.29. The tumble pushed shares to an 18-month low.

10:15 a.m. Update: Stocks Dip In Early Trade

By VINCENT MAO

Stocks were slightly lower in early trading Tuesday. A better-than-expected read on consumer confidence trimmed losses.

At 10:06 a.m. EDT, the New York composite fell 0.4%, S&P 0.2%, Dow 0.1%. The Nasdaq was mostly flat.

Volume was tracking slightly higher on both exchanges.

In economic news, the Conference Board’s Consumer Confidence Index slipped to 62.3 in April from a revised 65.9 in March. That was slightly better than expected.

Gildan Activewear () gapped down and plunged 9.82, or 27%, to 26.10 on monster trade. The clothing manufacturer cut its Q2 outlook to 35 cents a share from a prior guidance of 42 cents. Analysts expected 44 cents. It also dropped its full-year outlook to $1.45 to $1.50 a share from $1.85 to $1.90 a share.

Biogen Idec () and Genentech () both fell after Rituxan, which is co-developed by the two firms, failed a late-stage trial. Biogen Idec gapped down and lost 3.18 to 61.49 in fast trade, while Genentech gapped down and tumbled 3.26 to 69.90.

On the upside, Sauer-Danfoss () gapped up and rallied 2.93, or 12%, to 28.10. Late Monday, the maker of hydraulic and electric systems and components reported Q1 earnings of 55 cents a share, up from 48 cents in the year-ago period. It boosted its full-year guidance to a range of $1.50 to $1.65 a share vs. views for $1.46 a share.

9:15 a.m. Update: Stocks Set For Lower Open

By VINCENT MAO

Stock futures pointed to slower start Tuesday, just ahead of the start of the Federal Reserve’s two-day meeting.

Nasdaq futures fell 6 points vs. fair value, S&P 500 futures lost 2 points and Dow futures gave up 18 points.

Fed policy makers are widely expected to lower interest rates by 25 basis points to 2% when it releases its statement Wednesday, though rising inflation might convince policy makers to halt the string of rate cuts later in the year. Food and energy costs have surged recently.

McDermott International () tumbled 10% in the pre-market after it gave a bleak outlook. Due to weak results caused by harsh weather in its offshore oil and gas construction segment, it now expects Q1 profit in range of 50 cents to 54 a share vs. views for 69 cents. Sales are pegged from $1.42 billion to $1.46 billion vs. estimates of $1.59 billion.

Merck () dropped 8% in the pre-open after the Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug, also known as MK-0524A. Cordaptive is said to lower bad cholesterol and raise good cholesterol.

Visa () fell 2% in pre-market trading despite topping views. Late Monday, the credit card firm reported adjusted earnings of 52 cents a share, up 49% from a year earlier and 8 cents above views. Sales grew 22% to $1.5 billion. But investor concern about how the economy might affect results hurt shares.

On the upside, Flowserve () surged 11% in the pre-market on strong Q1 results and gave a bright outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Corning () climbed 5% after it topped views. Excluding items, the maker of glass substrates for LCD displays earned 44 cents a share in the first quarter, up 57% and 2 cent above views. Sales rose 24% to $1.62 billion. It guided Q2 profit and sales ahead of consensus estimates.

Take-Two Interactive Software’s () highly anticipated “Grand Theft Auto 4″ title hits store shelves around the world today. The release is expected to top records set by Microsoft’s “Halo 3″. Shares of Take-Two rose 1% in the pre-market

On the economic front, the Consumer Confidence Index for April will be out at 10 a.m. EDT. Economists expect a dip to reading of 61.

A slump in oil futures and some diving drug makers held indexes down into the close Tuesday.

The NYSE composite finished down 0.7%, the Nasdaq closed a hair up. Merck’s () 10% plunge dragged the Dow and the S&P 500, which lost 0.3% and 0.4%, respectively, according to preliminary figures.

The Dow transports added 0.8%, led by railroads Union Pacific () and Burlington Northern (). Small caps saw some of the day’s worst damage, with the S&P 600 dropping 0.9%.

Volume rose across the board, according to early readings. That gave the Dow, S&P 500 and NYSE composite a new distribution day.

June crude futures sagged $3.12 to settle at $115.63 a barrel. Shares of oil majors climbed on strong earnings reports from Royal Dutch Shell () and BP (), but large portions of the energy sector lost ground as oil backed away from Monday’s high above $119 a barrel.

MasterCard () gapped up to add 31.48 to 273.98 in huge volume. The credit card firm trampled consensus estimates for a second straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. Shares swelled to 23% above their most recent 222.35 buy point.

Flowserve () spouted 8%, adding 9.61 to 124.15 on strong Q1 results and a rosy outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Merck gapped down in a big-volume loss, giving up 4.30 to 37.14. The Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug. The stock had been attempting to feel its way up from the bottom of a consolidation begun in January.

Genentech () weighed on the biotech sector with a 5.23 loss to 67.93. The company said Tuesday that a key study of its lupus drug Rituxan did not meet its response goals in patient tests. Genentech co-promotes Rituxan with Biogen (). Biogen dropped 3.34 to 61.33.

3 p.m. Update: Nasdaq Turns Up In Late Trade

By VINCENT MAO

Stocks were mixed going into the final hour of Tuesday’s trade.

At 2:43 p.m. EDT, the Nasdaq was up 0.2%, wiping out a 0.5% decline. The NYSE had lost 0.5, the S&P 0.2%. The Dow was flat.

Volume was again split, with NYSE volume tracking higher and the Nasdaq’s lower.

Chevron () climbed 2.50 to 95 in fast trade. The integrated oil giant reports earnings May 2. Analysts see profit rising 30% to $2.41 a share on sales of $7.56 billion. Chevron is nearing a 95.20 buy point from a long double-bottom base.

Sohu.com () added 0.62 to trade at a new high of 71.43. Pali Research upgraded the Chinese Internet portal to buy from neutral. On Monday, the stock gapped above a 64.93 buy point from a cup base after posting a 256% surge in Q1 profit.

On the downside, Olin () gapped down and slumped 2.56, or 11%, to 21.59. Late Monday, the maker of chemicals and ammunitions reported a 127% surge in Q1 earnings and a 56% jump in sales. But its Q2 outlook disappointed. Olin expects a profit in the range of 45 cents to 50 cents a share vs. analyst estimates of 49 cents.

Titan Machinery () tumbled 1.75, or 8%, to 20.24 in heavy trade. After Monday’s close, the agriculture and construction equipment retailer reported fiscal Q4 income that more than doubled. But the stock fell on news of a stock offering.

1:15 p.m. Update: Market Shaves Losses, But Leaders Under Pressure

By VINCENT MAO

The major stock index remained stuck in the red midday Tuesday, but it was trimming losses.

At 12:45 p.m. EDT, the NYSE composite and S&P 500 were down 0.6% and 0.4%, respectively. That’s off session lows of 0.8% and 0.7%. The Nasdaq slipped 0.3% and the Dow 0.2%.

Volume was tracking mixed with the NYSE higher and the Nasdaq lower.

Many leaders came under fire, which is not a good sign for the market. Eighty-three members of the IBD 100 traded lower. The median price in the index was minus 2.4%.

Potash Corp. of Saskatchewan () gapped down and dropped 9.33, or 9%, to 184.17 in busy trading. RBC Capital Markets cut the fertilizer maker to outperform from top pick. On Thursday, it fell 5% on huge volume, despite beating views and raising guidance.

Group mates CF Industries Holdings () dropped 6% and Terra Nitrogen () 5%.

Agco (), which is not in the IBD 100, tumbled 5.58, or 8%, to 63.20. The agricultural equipment maker pierced its 50-day moving average. This morning, the company delivered a 142% jump in Q1 profit and a 34% rise in sales. Both beat views. But the firm guided full-year profit below consensus estimates.

Highly ranked construction machinery, steel, and oil issues also got hit.

On the upside, Techne () gapped up and rallied 4.33 to 70.96. Earlier, it cleared a 71.52 buy point of a base-on-base pattern. Before the open, the medical gear maker topped views with a 27% increase in earnings and a 15% rise in sales.

11:15 a.m. Update: Indexes Dig Deeper On Firm Volume

By ALAN R. ELLIOTT

Big oil stocks lodged some gains, but the broad market indexes moved steadily lower as earnings misses outweighed better-than-expected consumer confidence data.

The NYSE composite had given up 0.8%, the Nasdaq was 0.4% lower at 10:49 a.m. EDT. Financials and health care sectors were dragging heavily on both exchanges. Midcaps slipped ahead of the curve, driving the S&P 400 down 1%. The S&P 500 slipped 0.7% and the Dow dropped 0.5%.

Volume was tracking moderately higher and decliners led advancing issues by about 2-to-1 on both exchanges.

Markets in Japan and China traded higher. The Shanghai composite added 1.4% and Hong Kong’s Hang Seng rose 1%. In Tokyo, the Nikkei 225 edged up 0.2%.

European and U.K markets gave up early gains, weighed down by banks and mining issues. The FTSE 100 surrendered just 0.1%. The CAC-40 in Paris slipped 0.9%.

Oil prices slipped in early trading, but big oil players drove much of the early upside after Royal Dutch Shell () and BP () posted strong Q1 results. Shell added 3.83 to 80.03. Conoco Philips (), Exxon Mobil (), Chevron () and Total SA () all gained ground.

MasterCard () gapped up to add 22.35 to 264.85 in huge volume. The credit card service provider trampled consensus views for a second-straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. And currency fluctuations, driven by the euro and the Brazilian real vs. dollar, added 5.1% of the increase in net revenue for the quarter. Shares swelled to 19% above its most recent buy point of 222.35.

Specialty steel components makers took a solid hit on earnings news. Ladish Holdings () tumbled 4.69 to 28.36 after delivering Q1 earnings sharply lower than views on Monday. Shares have been plunging since October.

Carpenter Technology () also fell short of views and dropped 5.67 to 48.29. The tumble pushed shares to an 18-month low.

10:15 a.m. Update: Stocks Dip In Early Trade

By VINCENT MAO

Stocks were slightly lower in early trading Tuesday. A better-than-expected read on consumer confidence trimmed losses.

At 10:06 a.m. EDT, the New York composite fell 0.4%, S&P 0.2%, Dow 0.1%. The Nasdaq was mostly flat.

Volume was tracking slightly higher on both exchanges.

In economic news, the Conference Board’s Consumer Confidence Index slipped to 62.3 in April from a revised 65.9 in March. That was slightly better than expected.

Gildan Activewear () gapped down and plunged 9.82, or 27%, to 26.10 on monster trade. The clothing manufacturer cut its Q2 outlook to 35 cents a share from a prior guidance of 42 cents. Analysts expected 44 cents. It also dropped its full-year outlook to $1.45 to $1.50 a share from $1.85 to $1.90 a share.

Biogen Idec () and Genentech () both fell after Rituxan, which is co-developed by the two firms, failed a late-stage trial. Biogen Idec gapped down and lost 3.18 to 61.49 in fast trade, while Genentech gapped down and tumbled 3.26 to 69.90.

On the upside, Sauer-Danfoss () gapped up and rallied 2.93, or 12%, to 28.10. Late Monday, the maker of hydraulic and electric systems and components reported Q1 earnings of 55 cents a share, up from 48 cents in the year-ago period. It boosted its full-year guidance to a range of $1.50 to $1.65 a share vs. views for $1.46 a share.

9:15 a.m. Update: Stocks Set For Lower Open

By VINCENT MAO

Stock futures pointed to slower start Tuesday, just ahead of the start of the Federal Reserve’s two-day meeting.

Nasdaq futures fell 6 points vs. fair value, S&P 500 futures lost 2 points and Dow futures gave up 18 points.

Fed policy makers are widely expected to lower interest rates by 25 basis points to 2% when it releases its statement Wednesday, though rising inflation might convince policy makers to halt the string of rate cuts later in the year. Food and energy costs have surged recently.

McDermott International () tumbled 10% in the pre-market after it gave a bleak outlook. Due to weak results caused by harsh weather in its offshore oil and gas construction segment, it now expects Q1 profit in range of 50 cents to 54 a share vs. views for 69 cents. Sales are pegged from $1.42 billion to $1.46 billion vs. estimates of $1.59 billion.

Merck () dropped 8% in the pre-open after the Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug, also known as MK-0524A. Cordaptive is said to lower bad cholesterol and raise good cholesterol.

Visa () fell 2% in pre-market trading despite topping views. Late Monday, the credit card firm reported adjusted earnings of 52 cents a share, up 49% from a year earlier and 8 cents above views. Sales grew 22% to $1.5 billion. But investor concern about how the economy might affect results hurt shares.

On the upside, Flowserve () surged 11% in the pre-market on strong Q1 results and gave a bright outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Corning () climbed 5% after it topped views. Excluding items, the maker of glass substrates for LCD displays earned 44 cents a share in the first quarter, up 57% and 2 cent above views. Sales rose 24% to $1.62 billion. It guided Q2 profit and sales ahead of consensus estimates.

Take-Two Interactive Software’s () highly anticipated “Grand Theft Auto 4″ title hits store shelves around the world today. The release is expected to top records set by Microsoft’s “Halo 3″. Shares of Take-Two rose 1% in the pre-market

On the economic front, the Consumer Confidence Index for April will be out at 10 a.m. EDT. Economists expect a dip to reading of 61.

A slump in oil futures and some diving drug makers held indexes down into the close Tuesday.

The NYSE composite finished down 0.7%, the Nasdaq closed a hair up. Merck’s () 10% plunge dragged the Dow and the S&P 500, which lost 0.3% and 0.4%, respectively, according to preliminary figures.

The Dow transports added 0.8%, led by railroads Union Pacific () and Burlington Northern (). Small caps saw some of the day’s worst damage, with the S&P 600 dropping 0.9%.

Volume rose across the board, according to early readings. That gave the Dow, S&P 500 and NYSE composite a new distribution day.

June crude futures sagged $3.12 to settle at $115.63 a barrel. Shares of oil majors climbed on strong earnings reports from Royal Dutch Shell () and BP (), but large portions of the energy sector lost ground as oil backed away from Monday’s high above $119 a barrel.

MasterCard () gapped up to add 31.48 to 273.98 in huge volume. The credit card firm trampled consensus estimates for a second straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. Shares swelled to 23% above their most recent 222.35 buy point.

Flowserve () spouted 8%, adding 9.61 to 124.15 on strong Q1 results and a rosy outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Merck gapped down in a big-volume loss, giving up 4.30 to 37.14. The Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug. The stock had been attempting to feel its way up from the bottom of a consolidation begun in January.

Genentech () weighed on the biotech sector with a 5.23 loss to 67.93. The company said Tuesday that a key study of its lupus drug Rituxan did not meet its response goals in patient tests. Genentech co-promotes Rituxan with Biogen (). Biogen dropped 3.34 to 61.33.

3 p.m. Update: Nasdaq Turns Up In Late Trade

By VINCENT MAO

Stocks were mixed going into the final hour of Tuesday’s trade.

At 2:43 p.m. EDT, the Nasdaq was up 0.2%, wiping out a 0.5% decline. The NYSE had lost 0.5, the S&P 0.2%. The Dow was flat.

Volume was again split, with NYSE volume tracking higher and the Nasdaq’s lower.

Chevron () climbed 2.50 to 95 in fast trade. The integrated oil giant reports earnings May 2. Analysts see profit rising 30% to $2.41 a share on sales of $7.56 billion. Chevron is nearing a 95.20 buy point from a long double-bottom base.

Sohu.com () added 0.62 to trade at a new high of 71.43. Pali Research upgraded the Chinese Internet portal to buy from neutral. On Monday, the stock gapped above a 64.93 buy point from a cup base after posting a 256% surge in Q1 profit.

On the downside, Olin () gapped down and slumped 2.56, or 11%, to 21.59. Late Monday, the maker of chemicals and ammunitions reported a 127% surge in Q1 earnings and a 56% jump in sales. But its Q2 outlook disappointed. Olin expects a profit in the range of 45 cents to 50 cents a share vs. analyst estimates of 49 cents.

Titan Machinery () tumbled 1.75, or 8%, to 20.24 in heavy trade. After Monday’s close, the agriculture and construction equipment retailer reported fiscal Q4 income that more than doubled. But the stock fell on news of a stock offering.

1:15 p.m. Update: Market Shaves Losses, But Leaders Under Pressure

By VINCENT MAO

The major stock index remained stuck in the red midday Tuesday, but it was trimming losses.

At 12:45 p.m. EDT, the NYSE composite and S&P 500 were down 0.6% and 0.4%, respectively. That’s off session lows of 0.8% and 0.7%. The Nasdaq slipped 0.3% and the Dow 0.2%.

Volume was tracking mixed with the NYSE higher and the Nasdaq lower.

Many leaders came under fire, which is not a good sign for the market. Eighty-three members of the IBD 100 traded lower. The median price in the index was minus 2.4%.

Potash Corp. of Saskatchewan () gapped down and dropped 9.33, or 9%, to 184.17 in busy trading. RBC Capital Markets cut the fertilizer maker to outperform from top pick. On Thursday, it fell 5% on huge volume, despite beating views and raising guidance.

Group mates CF Industries Holdings () dropped 6% and Terra Nitrogen () 5%.

Agco (), which is not in the IBD 100, tumbled 5.58, or 8%, to 63.20. The agricultural equipment maker pierced its 50-day moving average. This morning, the company delivered a 142% jump in Q1 profit and a 34% rise in sales. Both beat views. But the firm guided full-year profit below consensus estimates.

Highly ranked construction machinery, steel, and oil issues also got hit.

On the upside, Techne () gapped up and rallied 4.33 to 70.96. Earlier, it cleared a 71.52 buy point of a base-on-base pattern. Before the open, the medical gear maker topped views with a 27% increase in earnings and a 15% rise in sales.

11:15 a.m. Update: Indexes Dig Deeper On Firm Volume

By ALAN R. ELLIOTT

Big oil stocks lodged some gains, but the broad market indexes moved steadily lower as earnings misses outweighed better-than-expected consumer confidence data.

The NYSE composite had given up 0.8%, the Nasdaq was 0.4% lower at 10:49 a.m. EDT. Financials and health care sectors were dragging heavily on both exchanges. Midcaps slipped ahead of the curve, driving the S&P 400 down 1%. The S&P 500 slipped 0.7% and the Dow dropped 0.5%.

Volume was tracking moderately higher and decliners led advancing issues by about 2-to-1 on both exchanges.

Markets in Japan and China traded higher. The Shanghai composite added 1.4% and Hong Kong’s Hang Seng rose 1%. In Tokyo, the Nikkei 225 edged up 0.2%.

European and U.K markets gave up early gains, weighed down by banks and mining issues. The FTSE 100 surrendered just 0.1%. The CAC-40 in Paris slipped 0.9%.

Oil prices slipped in early trading, but big oil players drove much of the early upside after Royal Dutch Shell () and BP () posted strong Q1 results. Shell added 3.83 to 80.03. Conoco Philips (), Exxon Mobil (), Chevron () and Total SA () all gained ground.

MasterCard () gapped up to add 22.35 to 264.85 in huge volume. The credit card service provider trampled consensus views for a second-straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. And currency fluctuations, driven by the euro and the Brazilian real vs. dollar, added 5.1% of the increase in net revenue for the quarter. Shares swelled to 19% above its most recent buy point of 222.35.

Specialty steel components makers took a solid hit on earnings news. Ladish Holdings () tumbled 4.69 to 28.36 after delivering Q1 earnings sharply lower than views on Monday. Shares have been plunging since October.

Carpenter Technology () also fell short of views and dropped 5.67 to 48.29. The tumble pushed shares to an 18-month low.

10:15 a.m. Update: Stocks Dip In Early Trade

By VINCENT MAO

Stocks were slightly lower in early trading Tuesday. A better-than-expected read on consumer confidence trimmed losses.

At 10:06 a.m. EDT, the New York composite fell 0.4%, S&P 0.2%, Dow 0.1%. The Nasdaq was mostly flat.

Volume was tracking slightly higher on both exchanges.

In economic news, the Conference Board’s Consumer Confidence Index slipped to 62.3 in April from a revised 65.9 in March. That was slightly better than expected.

Gildan Activewear () gapped down and plunged 9.82, or 27%, to 26.10 on monster trade. The clothing manufacturer cut its Q2 outlook to 35 cents a share from a prior guidance of 42 cents. Analysts expected 44 cents. It also dropped its full-year outlook to $1.45 to $1.50 a share from $1.85 to $1.90 a share.

Biogen Idec () and Genentech () both fell after Rituxan, which is co-developed by the two firms, failed a late-stage trial. Biogen Idec gapped down and lost 3.18 to 61.49 in fast trade, while Genentech gapped down and tumbled 3.26 to 69.90.

On the upside, Sauer-Danfoss () gapped up and rallied 2.93, or 12%, to 28.10. Late Monday, the maker of hydraulic and electric systems and components reported Q1 earnings of 55 cents a share, up from 48 cents in the year-ago period. It boosted its full-year guidance to a range of $1.50 to $1.65 a share vs. views for $1.46 a share.

9:15 a.m. Update: Stocks Set For Lower Open

By VINCENT MAO

Stock futures pointed to slower start Tuesday, just ahead of the start of the Federal Reserve’s two-day meeting.

Nasdaq futures fell 6 points vs. fair value, S&P 500 futures lost 2 points and Dow futures gave up 18 points.

Fed policy makers are widely expected to lower interest rates by 25 basis points to 2% when it releases its statement Wednesday, though rising inflation might convince policy makers to halt the string of rate cuts later in the year. Food and energy costs have surged recently.

McDermott International () tumbled 10% in the pre-market after it gave a bleak outlook. Due to weak results caused by harsh weather in its offshore oil and gas construction segment, it now expects Q1 profit in range of 50 cents to 54 a share vs. views for 69 cents. Sales are pegged from $1.42 billion to $1.46 billion vs. estimates of $1.59 billion.

Merck () dropped 8% in the pre-open after the Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug, also known as MK-0524A. Cordaptive is said to lower bad cholesterol and raise good cholesterol.

Visa () fell 2% in pre-market trading despite topping views. Late Monday, the credit card firm reported adjusted earnings of 52 cents a share, up 49% from a year earlier and 8 cents above views. Sales grew 22% to $1.5 billion. But investor concern about how the economy might affect results hurt shares.

On the upside, Flowserve () surged 11% in the pre-market on strong Q1 results and gave a bright outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Corning () climbed 5% after it topped views. Excluding items, the maker of glass substrates for LCD displays earned 44 cents a share in the first quarter, up 57% and 2 cent above views. Sales rose 24% to $1.62 billion. It guided Q2 profit and sales ahead of consensus estimates.

Take-Two Interactive Software’s () highly anticipated “Grand Theft Auto 4″ title hits store shelves around the world today. The release is expected to top records set by Microsoft’s “Halo 3″. Shares of Take-Two rose 1% in the pre-market

On the economic front, the Consumer Confidence Index for April will be out at 10 a.m. EDT. Economists expect a dip to reading of 61.

A slump in oil futures and some diving drug makers held indexes down into the close Tuesday.

The NYSE composite finished down 0.7%, the Nasdaq closed a hair up. Merck’s () 10% plunge dragged the Dow and the S&P 500, which lost 0.3% and 0.4%, respectively, according to preliminary figures.

The Dow transports added 0.8%, led by railroads Union Pacific () and Burlington Northern (). Small caps saw some of the day’s worst damage, with the S&P 600 dropping 0.9%.

Volume rose across the board, according to early readings. That gave the Dow, S&P 500 and NYSE composite a new distribution day.

June crude futures sagged $3.12 to settle at $115.63 a barrel. Shares of oil majors climbed on strong earnings reports from Royal Dutch Shell () and BP (), but large portions of the energy sector lost ground as oil backed away from Monday’s high above $119 a barrel.

MasterCard () gapped up to add 31.48 to 273.98 in huge volume. The credit card firm trampled consensus estimates for a second straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. Shares swelled to 23% above their most recent 222.35 buy point.

Flowserve () spouted 8%, adding 9.61 to 124.15 on strong Q1 results and a rosy outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Merck gapped down in a big-volume loss, giving up 4.30 to 37.14. The Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug. The stock had been attempting to feel its way up from the bottom of a consolidation begun in January.

Genentech () weighed on the biotech sector with a 5.23 loss to 67.93. The company said Tuesday that a key study of its lupus drug Rituxan did not meet its response goals in patient tests. Genentech co-promotes Rituxan with Biogen (). Biogen dropped 3.34 to 61.33.

3 p.m. Update: Nasdaq Turns Up In Late Trade

By VINCENT MAO

Stocks were mixed going into the final hour of Tuesday’s trade.

At 2:43 p.m. EDT, the Nasdaq was up 0.2%, wiping out a 0.5% decline. The NYSE had lost 0.5, the S&P 0.2%. The Dow was flat.

Volume was again split, with NYSE volume tracking higher and the Nasdaq’s lower.

Chevron () climbed 2.50 to 95 in fast trade. The integrated oil giant reports earnings May 2. Analysts see profit rising 30% to $2.41 a share on sales of $7.56 billion. Chevron is nearing a 95.20 buy point from a long double-bottom base.

Sohu.com () added 0.62 to trade at a new high of 71.43. Pali Research upgraded the Chinese Internet portal to buy from neutral. On Monday, the stock gapped above a 64.93 buy point from a cup base after posting a 256% surge in Q1 profit.

On the downside, Olin () gapped down and slumped 2.56, or 11%, to 21.59. Late Monday, the maker of chemicals and ammunitions reported a 127% surge in Q1 earnings and a 56% jump in sales. But its Q2 outlook disappointed. Olin expects a profit in the range of 45 cents to 50 cents a share vs. analyst estimates of 49 cents.

Titan Machinery () tumbled 1.75, or 8%, to 20.24 in heavy trade. After Monday’s close, the agriculture and construction equipment retailer reported fiscal Q4 income that more than doubled. But the stock fell on news of a stock offering.

1:15 p.m. Update: Market Shaves Losses, But Leaders Under Pressure

By VINCENT MAO

The major stock index remained stuck in the red midday Tuesday, but it was trimming losses.

At 12:45 p.m. EDT, the NYSE composite and S&P 500 were down 0.6% and 0.4%, respectively. That’s off session lows of 0.8% and 0.7%. The Nasdaq slipped 0.3% and the Dow 0.2%.

Volume was tracking mixed with the NYSE higher and the Nasdaq lower.

Many leaders came under fire, which is not a good sign for the market. Eighty-three members of the IBD 100 traded lower. The median price in the index was minus 2.4%.

Potash Corp. of Saskatchewan () gapped down and dropped 9.33, or 9%, to 184.17 in busy trading. RBC Capital Markets cut the fertilizer maker to outperform from top pick. On Thursday, it fell 5% on huge volume, despite beating views and raising guidance.

Group mates CF Industries Holdings () dropped 6% and Terra Nitrogen () 5%.

Agco (), which is not in the IBD 100, tumbled 5.58, or 8%, to 63.20. The agricultural equipment maker pierced its 50-day moving average. This morning, the company delivered a 142% jump in Q1 profit and a 34% rise in sales. Both beat views. But the firm guided full-year profit below consensus estimates.

Highly ranked construction machinery, steel, and oil issues also got hit.

On the upside, Techne () gapped up and rallied 4.33 to 70.96. Earlier, it cleared a 71.52 buy point of a base-on-base pattern. Before the open, the medical gear maker topped views with a 27% increase in earnings and a 15% rise in sales.

11:15 a.m. Update: Indexes Dig Deeper On Firm Volume

By ALAN R. ELLIOTT

Big oil stocks lodged some gains, but the broad market indexes moved steadily lower as earnings misses outweighed better-than-expected consumer confidence data.

The NYSE composite had given up 0.8%, the Nasdaq was 0.4% lower at 10:49 a.m. EDT. Financials and health care sectors were dragging heavily on both exchanges. Midcaps slipped ahead of the curve, driving the S&P 400 down 1%. The S&P 500 slipped 0.7% and the Dow dropped 0.5%.

Volume was tracking moderately higher and decliners led advancing issues by about 2-to-1 on both exchanges.

Markets in Japan and China traded higher. The Shanghai composite added 1.4% and Hong Kong’s Hang Seng rose 1%. In Tokyo, the Nikkei 225 edged up 0.2%.

European and U.K markets gave up early gains, weighed down by banks and mining issues. The FTSE 100 surrendered just 0.1%. The CAC-40 in Paris slipped 0.9%.

Oil prices slipped in early trading, but big oil players drove much of the early upside after Royal Dutch Shell () and BP () posted strong Q1 results. Shell added 3.83 to 80.03. Conoco Philips (), Exxon Mobil (), Chevron () and Total SA () all gained ground.

MasterCard () gapped up to add 22.35 to 264.85 in huge volume. The credit card service provider trampled consensus views for a second-straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. And currency fluctuations, driven by the euro and the Brazilian real vs. dollar, added 5.1% of the increase in net revenue for the quarter. Shares swelled to 19% above its most recent buy point of 222.35.

Specialty steel components makers took a solid hit on earnings news. Ladish Holdings () tumbled 4.69 to 28.36 after delivering Q1 earnings sharply lower than views on Monday. Shares have been plunging since October.

Carpenter Technology () also fell short of views and dropped 5.67 to 48.29. The tumble pushed shares to an 18-month low.

10:15 a.m. Update: Stocks Dip In Early Trade

By VINCENT MAO

Stocks were slightly lower in early trading Tuesday. A better-than-expected read on consumer confidence trimmed losses.

At 10:06 a.m. EDT, the New York composite fell 0.4%, S&P 0.2%, Dow 0.1%. The Nasdaq was mostly flat.

Volume was tracking slightly higher on both exchanges.

In economic news, the Conference Board’s Consumer Confidence Index slipped to 62.3 in April from a revised 65.9 in March. That was slightly better than expected.

Gildan Activewear () gapped down and plunged 9.82, or 27%, to 26.10 on monster trade. The clothing manufacturer cut its Q2 outlook to 35 cents a share from a prior guidance of 42 cents. Analysts expected 44 cents. It also dropped its full-year outlook to $1.45 to $1.50 a share from $1.85 to $1.90 a share.

Biogen Idec () and Genentech () both fell after Rituxan, which is co-developed by the two firms, failed a late-stage trial. Biogen Idec gapped down and lost 3.18 to 61.49 in fast trade, while Genentech gapped down and tumbled 3.26 to 69.90.

On the upside, Sauer-Danfoss () gapped up and rallied 2.93, or 12%, to 28.10. Late Monday, the maker of hydraulic and electric systems and components reported Q1 earnings of 55 cents a share, up from 48 cents in the year-ago period. It boosted its full-year guidance to a range of $1.50 to $1.65 a share vs. views for $1.46 a share.

9:15 a.m. Update: Stocks Set For Lower Open

By VINCENT MAO

Stock futures pointed to slower start Tuesday, just ahead of the start of the Federal Reserve’s two-day meeting.

Nasdaq futures fell 6 points vs. fair value, S&P 500 futures lost 2 points and Dow futures gave up 18 points.

Fed policy makers are widely expected to lower interest rates by 25 basis points to 2% when it releases its statement Wednesday, though rising inflation might convince policy makers to halt the string of rate cuts later in the year. Food and energy costs have surged recently.

McDermott International () tumbled 10% in the pre-market after it gave a bleak outlook. Due to weak results caused by harsh weather in its offshore oil and gas construction segment, it now expects Q1 profit in range of 50 cents to 54 a share vs. views for 69 cents. Sales are pegged from $1.42 billion to $1.46 billion vs. estimates of $1.59 billion.

Merck () dropped 8% in the pre-open after the Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug, also known as MK-0524A. Cordaptive is said to lower bad cholesterol and raise good cholesterol.

Visa () fell 2% in pre-market trading despite topping views. Late Monday, the credit card firm reported adjusted earnings of 52 cents a share, up 49% from a year earlier and 8 cents above views. Sales grew 22% to $1.5 billion. But investor concern about how the economy might affect results hurt shares.

On the upside, Flowserve () surged 11% in the pre-market on strong Q1 results and gave a bright outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Corning () climbed 5% after it topped views. Excluding items, the maker of glass substrates for LCD displays earned 44 cents a share in the first quarter, up 57% and 2 cent above views. Sales rose 24% to $1.62 billion. It guided Q2 profit and sales ahead of consensus estimates.

Take-Two Interactive Software’s () highly anticipated “Grand Theft Auto 4″ title hits store shelves around the world today. The release is expected to top records set by Microsoft’s “Halo 3″. Shares of Take-Two rose 1% in the pre-market

On the economic front, the Consumer Confidence Index for April will be out at 10 a.m. EDT. Economists expect a dip to reading of 61.

A slump in oil futures and some diving drug makers held indexes down into the close Tuesday.

The NYSE composite finished down 0.7%, the Nasdaq closed a hair up. Merck’s () 10% plunge dragged the Dow and the S&P 500, which lost 0.3% and 0.4%, respectively, according to preliminary figures.

The Dow transports added 0.8%, led by railroads Union Pacific () and Burlington Northern (). Small caps saw some of the day’s worst damage, with the S&P 600 dropping 0.9%.

Volume rose across the board, according to early readings. That gave the Dow, S&P 500 and NYSE composite a new distribution day.

June crude futures sagged $3.12 to settle at $115.63 a barrel. Shares of oil majors climbed on strong earnings reports from Royal Dutch Shell () and BP (), but large portions of the energy sector lost ground as oil backed away from Monday’s high above $119 a barrel.

MasterCard () gapped up to add 31.48 to 273.98 in huge volume. The credit card firm trampled consensus estimates for a second straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. Shares swelled to 23% above their most recent 222.35 buy point.

Flowserve () spouted 8%, adding 9.61 to 124.15 on strong Q1 results and a rosy outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Merck gapped down in a big-volume loss, giving up 4.30 to 37.14. The Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug. The stock had been attempting to feel its way up from the bottom of a consolidation begun in January.

Genentech () weighed on the biotech sector with a 5.23 loss to 67.93. The company said Tuesday that a key study of its lupus drug Rituxan did not meet its response goals in patient tests. Genentech co-promotes Rituxan with Biogen (). Biogen dropped 3.34 to 61.33.

3 p.m. Update: Nasdaq Turns Up In Late Trade

By VINCENT MAO

Stocks were mixed going into the final hour of Tuesday’s trade.

At 2:43 p.m. EDT, the Nasdaq was up 0.2%, wiping out a 0.5% decline. The NYSE had lost 0.5, the S&P 0.2%. The Dow was flat.

Volume was again split, with NYSE volume tracking higher and the Nasdaq’s lower.

Chevron () climbed 2.50 to 95 in fast trade. The integrated oil giant reports earnings May 2. Analysts see profit rising 30% to $2.41 a share on sales of $7.56 billion. Chevron is nearing a 95.20 buy point from a long double-bottom base.

Sohu.com () added 0.62 to trade at a new high of 71.43. Pali Research upgraded the Chinese Internet portal to buy from neutral. On Monday, the stock gapped above a 64.93 buy point from a cup base after posting a 256% surge in Q1 profit.

On the downside, Olin () gapped down and slumped 2.56, or 11%, to 21.59. Late Monday, the maker of chemicals and ammunitions reported a 127% surge in Q1 earnings and a 56% jump in sales. But its Q2 outlook disappointed. Olin expects a profit in the range of 45 cents to 50 cents a share vs. analyst estimates of 49 cents.

Titan Machinery () tumbled 1.75, or 8%, to 20.24 in heavy trade. After Monday’s close, the agriculture and construction equipment retailer reported fiscal Q4 income that more than doubled. But the stock fell on news of a stock offering.

1:15 p.m. Update: Market Shaves Losses, But Leaders Under Pressure

By VINCENT MAO

The major stock index remained stuck in the red midday Tuesday, but it was trimming losses.

At 12:45 p.m. EDT, the NYSE composite and S&P 500 were down 0.6% and 0.4%, respectively. That’s off session lows of 0.8% and 0.7%. The Nasdaq slipped 0.3% and the Dow 0.2%.

Volume was tracking mixed with the NYSE higher and the Nasdaq lower.

Many leaders came under fire, which is not a good sign for the market. Eighty-three members of the IBD 100 traded lower. The median price in the index was minus 2.4%.

Potash Corp. of Saskatchewan () gapped down and dropped 9.33, or 9%, to 184.17 in busy trading. RBC Capital Markets cut the fertilizer maker to outperform from top pick. On Thursday, it fell 5% on huge volume, despite beating views and raising guidance.

Group mates CF Industries Holdings () dropped 6% and Terra Nitrogen () 5%.

Agco (), which is not in the IBD 100, tumbled 5.58, or 8%, to 63.20. The agricultural equipment maker pierced its 50-day moving average. This morning, the company delivered a 142% jump in Q1 profit and a 34% rise in sales. Both beat views. But the firm guided full-year profit below consensus estimates.

Highly ranked construction machinery, steel, and oil issues also got hit.

On the upside, Techne () gapped up and rallied 4.33 to 70.96. Earlier, it cleared a 71.52 buy point of a base-on-base pattern. Before the open, the medical gear maker topped views with a 27% increase in earnings and a 15% rise in sales.

11:15 a.m. Update: Indexes Dig Deeper On Firm Volume

By ALAN R. ELLIOTT

Big oil stocks lodged some gains, but the broad market indexes moved steadily lower as earnings misses outweighed better-than-expected consumer confidence data.

The NYSE composite had given up 0.8%, the Nasdaq was 0.4% lower at 10:49 a.m. EDT. Financials and health care sectors were dragging heavily on both exchanges. Midcaps slipped ahead of the curve, driving the S&P 400 down 1%. The S&P 500 slipped 0.7% and the Dow dropped 0.5%.

Volume was tracking moderately higher and decliners led advancing issues by about 2-to-1 on both exchanges.

Markets in Japan and China traded higher. The Shanghai composite added 1.4% and Hong Kong’s Hang Seng rose 1%. In Tokyo, the Nikkei 225 edged up 0.2%.

European and U.K markets gave up early gains, weighed down by banks and mining issues. The FTSE 100 surrendered just 0.1%. The CAC-40 in Paris slipped 0.9%.

Oil prices slipped in early trading, but big oil players drove much of the early upside after Royal Dutch Shell () and BP () posted strong Q1 results. Shell added 3.83 to 80.03. Conoco Philips (), Exxon Mobil (), Chevron () and Total SA () all gained ground.

MasterCard () gapped up to add 22.35 to 264.85 in huge volume. The credit card service provider trampled consensus views for a second-straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. And currency fluctuations, driven by the euro and the Brazilian real vs. dollar, added 5.1% of the increase in net revenue for the quarter. Shares swelled to 19% above its most recent buy point of 222.35.

Specialty steel components makers took a solid hit on earnings news. Ladish Holdings () tumbled 4.69 to 28.36 after delivering Q1 earnings sharply lower than views on Monday. Shares have been plunging since October.

Carpenter Technology () also fell short of views and dropped 5.67 to 48.29. The tumble pushed shares to an 18-month low.

10:15 a.m. Update: Stocks Dip In Early Trade

By VINCENT MAO

Stocks were slightly lower in early trading Tuesday. A better-than-expected read on consumer confidence trimmed losses.

At 10:06 a.m. EDT, the New York composite fell 0.4%, S&P 0.2%, Dow 0.1%. The Nasdaq was mostly flat.

Volume was tracking slightly higher on both exchanges.

In economic news, the Conference Board’s Consumer Confidence Index slipped to 62.3 in April from a revised 65.9 in March. That was slightly better than expected.

Gildan Activewear () gapped down and plunged 9.82, or 27%, to 26.10 on monster trade. The clothing manufacturer cut its Q2 outlook to 35 cents a share from a prior guidance of 42 cents. Analysts expected 44 cents. It also dropped its full-year outlook to $1.45 to $1.50 a share from $1.85 to $1.90 a share.

Biogen Idec () and Genentech () both fell after Rituxan, which is co-developed by the two firms, failed a late-stage trial. Biogen Idec gapped down and lost 3.18 to 61.49 in fast trade, while Genentech gapped down and tumbled 3.26 to 69.90.

On the upside, Sauer-Danfoss () gapped up and rallied 2.93, or 12%, to 28.10. Late Monday, the maker of hydraulic and electric systems and components reported Q1 earnings of 55 cents a share, up from 48 cents in the year-ago period. It boosted its full-year guidance to a range of $1.50 to $1.65 a share vs. views for $1.46 a share.

9:15 a.m. Update: Stocks Set For Lower Open

By VINCENT MAO

Stock futures pointed to slower start Tuesday, just ahead of the start of the Federal Reserve’s two-day meeting.

Nasdaq futures fell 6 points vs. fair value, S&P 500 futures lost 2 points and Dow futures gave up 18 points.

Fed policy makers are widely expected to lower interest rates by 25 basis points to 2% when it releases its statement Wednesday, though rising inflation might convince policy makers to halt the string of rate cuts later in the year. Food and energy costs have surged recently.

McDermott International () tumbled 10% in the pre-market after it gave a bleak outlook. Due to weak results caused by harsh weather in its offshore oil and gas construction segment, it now expects Q1 profit in range of 50 cents to 54 a share vs. views for 69 cents. Sales are pegged from $1.42 billion to $1.46 billion vs. estimates of $1.59 billion.

Merck () dropped 8% in the pre-open after the Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug, also known as MK-0524A. Cordaptive is said to lower bad cholesterol and raise good cholesterol.

Visa () fell 2% in pre-market trading despite topping views. Late Monday, the credit card firm reported adjusted earnings of 52 cents a share, up 49% from a year earlier and 8 cents above views. Sales grew 22% to $1.5 billion. But investor concern about how the economy might affect results hurt shares.

On the upside, Flowserve () surged 11% in the pre-market on strong Q1 results and gave a bright outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Corning () climbed 5% after it topped views. Excluding items, the maker of glass substrates for LCD displays earned 44 cents a share in the first quarter, up 57% and 2 cent above views. Sales rose 24% to $1.62 billion. It guided Q2 profit and sales ahead of consensus estimates.

Take-Two Interactive Software’s () highly anticipated “Grand Theft Auto 4″ title hits store shelves around the world today. The release is expected to top records set by Microsoft’s “Halo 3″. Shares of Take-Two rose 1% in the pre-market

On the economic front, the Consumer Confidence Index for April will be out at 10 a.m. EDT. Economists expect a dip to reading of 61.

A slump in oil futures and some diving drug makers held indexes down into the close Tuesday.

The NYSE composite finished down 0.7%, the Nasdaq closed a hair up. Merck’s () 10% plunge dragged the Dow and the S&P 500, which lost 0.3% and 0.4%, respectively, according to preliminary figures.

The Dow transports added 0.8%, led by railroads Union Pacific () and Burlington Northern (). Small caps saw some of the day’s worst damage, with the S&P 600 dropping 0.9%.

Volume rose across the board, according to early readings. That gave the Dow, S&P 500 and NYSE composite a new distribution day.

June crude futures sagged $3.12 to settle at $115.63 a barrel. Shares of oil majors climbed on strong earnings reports from Royal Dutch Shell () and BP (), but large portions of the energy sector lost ground as oil backed away from Monday’s high above $119 a barrel.

MasterCard () gapped up to add 31.48 to 273.98 in huge volume. The credit card firm trampled consensus estimates for a second straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. Shares swelled to 23% above their most recent 222.35 buy point.

Flowserve () spouted 8%, adding 9.61 to 124.15 on strong Q1 results and a rosy outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Merck gapped down in a big-volume loss, giving up 4.30 to 37.14. The Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug. The stock had been attempting to feel its way up from the bottom of a consolidation begun in January.

Genentech () weighed on the biotech sector with a 5.23 loss to 67.93. The company said Tuesday that a key study of its lupus drug Rituxan did not meet its response goals in patient tests. Genentech co-promotes Rituxan with Biogen (). Biogen dropped 3.34 to 61.33.

3 p.m. Update: Nasdaq Turns Up In Late Trade

By VINCENT MAO

Stocks were mixed going into the final hour of Tuesday’s trade.

At 2:43 p.m. EDT, the Nasdaq was up 0.2%, wiping out a 0.5% decline. The NYSE had lost 0.5, the S&P 0.2%. The Dow was flat.

Volume was again split, with NYSE volume tracking higher and the Nasdaq’s lower.

Chevron () climbed 2.50 to 95 in fast trade. The integrated oil giant reports earnings May 2. Analysts see profit rising 30% to $2.41 a share on sales of $7.56 billion. Chevron is nearing a 95.20 buy point from a long double-bottom base.

Sohu.com () added 0.62 to trade at a new high of 71.43. Pali Research upgraded the Chinese Internet portal to buy from neutral. On Monday, the stock gapped above a 64.93 buy point from a cup base after posting a 256% surge in Q1 profit.

On the downside, Olin () gapped down and slumped 2.56, or 11%, to 21.59. Late Monday, the maker of chemicals and ammunitions reported a 127% surge in Q1 earnings and a 56% jump in sales. But its Q2 outlook disappointed. Olin expects a profit in the range of 45 cents to 50 cents a share vs. analyst estimates of 49 cents.

Titan Machinery () tumbled 1.75, or 8%, to 20.24 in heavy trade. After Monday’s close, the agriculture and construction equipment retailer reported fiscal Q4 income that more than doubled. But the stock fell on news of a stock offering.

1:15 p.m. Update: Market Shaves Losses, But Leaders Under Pressure

By VINCENT MAO

The major stock index remained stuck in the red midday Tuesday, but it was trimming losses.

At 12:45 p.m. EDT, the NYSE composite and S&P 500 were down 0.6% and 0.4%, respectively. That’s off session lows of 0.8% and 0.7%. The Nasdaq slipped 0.3% and the Dow 0.2%.

Volume was tracking mixed with the NYSE higher and the Nasdaq lower.

Many leaders came under fire, which is not a good sign for the market. Eighty-three members of the IBD 100 traded lower. The median price in the index was minus 2.4%.

Potash Corp. of Saskatchewan () gapped down and dropped 9.33, or 9%, to 184.17 in busy trading. RBC Capital Markets cut the fertilizer maker to outperform from top pick. On Thursday, it fell 5% on huge volume, despite beating views and raising guidance.

Group mates CF Industries Holdings () dropped 6% and Terra Nitrogen () 5%.

Agco (), which is not in the IBD 100, tumbled 5.58, or 8%, to 63.20. The agricultural equipment maker pierced its 50-day moving average. This morning, the company delivered a 142% jump in Q1 profit and a 34% rise in sales. Both beat views. But the firm guided full-year profit below consensus estimates.

Highly ranked construction machinery, steel, and oil issues also got hit.

On the upside, Techne () gapped up and rallied 4.33 to 70.96. Earlier, it cleared a 71.52 buy point of a base-on-base pattern. Before the open, the medical gear maker topped views with a 27% increase in earnings and a 15% rise in sales.

11:15 a.m. Update: Indexes Dig Deeper On Firm Volume

By ALAN R. ELLIOTT

Big oil stocks lodged some gains, but the broad market indexes moved steadily lower as earnings misses outweighed better-than-expected consumer confidence data.

The NYSE composite had given up 0.8%, the Nasdaq was 0.4% lower at 10:49 a.m. EDT. Financials and health care sectors were dragging heavily on both exchanges. Midcaps slipped ahead of the curve, driving the S&P 400 down 1%. The S&P 500 slipped 0.7% and the Dow dropped 0.5%.

Volume was tracking moderately higher and decliners led advancing issues by about 2-to-1 on both exchanges.

Markets in Japan and China traded higher. The Shanghai composite added 1.4% and Hong Kong’s Hang Seng rose 1%. In Tokyo, the Nikkei 225 edged up 0.2%.

European and U.K markets gave up early gains, weighed down by banks and mining issues. The FTSE 100 surrendered just 0.1%. The CAC-40 in Paris slipped 0.9%.

Oil prices slipped in early trading, but big oil players drove much of the early upside after Royal Dutch Shell () and BP () posted strong Q1 results. Shell added 3.83 to 80.03. Conoco Philips (), Exxon Mobil (), Chevron () and Total SA () all gained ground.

MasterCard () gapped up to add 22.35 to 264.85 in huge volume. The credit card service provider trampled consensus views for a second-straight quarter in the earnings and sales columns. Worldwide purchase volume rose 15% to $453 billion. And currency fluctuations, driven by the euro and the Brazilian real vs. dollar, added 5.1% of the increase in net revenue for the quarter. Shares swelled to 19% above its most recent buy point of 222.35.

Specialty steel components makers took a solid hit on earnings news. Ladish Holdings () tumbled 4.69 to 28.36 after delivering Q1 earnings sharply lower than views on Monday. Shares have been plunging since October.

Carpenter Technology () also fell short of views and dropped 5.67 to 48.29. The tumble pushed shares to an 18-month low.

10:15 a.m. Update: Stocks Dip In Early Trade

By VINCENT MAO

Stocks were slightly lower in early trading Tuesday. A better-than-expected read on consumer confidence trimmed losses.

At 10:06 a.m. EDT, the New York composite fell 0.4%, S&P 0.2%, Dow 0.1%. The Nasdaq was mostly flat.

Volume was tracking slightly higher on both exchanges.

In economic news, the Conference Board’s Consumer Confidence Index slipped to 62.3 in April from a revised 65.9 in March. That was slightly better than expected.

Gildan Activewear () gapped down and plunged 9.82, or 27%, to 26.10 on monster trade. The clothing manufacturer cut its Q2 outlook to 35 cents a share from a prior guidance of 42 cents. Analysts expected 44 cents. It also dropped its full-year outlook to $1.45 to $1.50 a share from $1.85 to $1.90 a share.

Biogen Idec () and Genentech () both fell after Rituxan, which is co-developed by the two firms, failed a late-stage trial. Biogen Idec gapped down and lost 3.18 to 61.49 in fast trade, while Genentech gapped down and tumbled 3.26 to 69.90.

On the upside, Sauer-Danfoss () gapped up and rallied 2.93, or 12%, to 28.10. Late Monday, the maker of hydraulic and electric systems and components reported Q1 earnings of 55 cents a share, up from 48 cents in the year-ago period. It boosted its full-year guidance to a range of $1.50 to $1.65 a share vs. views for $1.46 a share.

9:15 a.m. Update: Stocks Set For Lower Open

By VINCENT MAO

Stock futures pointed to slower start Tuesday, just ahead of the start of the Federal Reserve’s two-day meeting.

Nasdaq futures fell 6 points vs. fair value, S&P 500 futures lost 2 points and Dow futures gave up 18 points.

Fed policy makers are widely expected to lower interest rates by 25 basis points to 2% when it releases its statement Wednesday, though rising inflation might convince policy makers to halt the string of rate cuts later in the year. Food and energy costs have surged recently.

McDermott International () tumbled 10% in the pre-market after it gave a bleak outlook. Due to weak results caused by harsh weather in its offshore oil and gas construction segment, it now expects Q1 profit in range of 50 cents to 54 a share vs. views for 69 cents. Sales are pegged from $1.42 billion to $1.46 billion vs. estimates of $1.59 billion.

Merck () dropped 8% in the pre-open after the Food and Drug Administration rejected the firm’s Cordaptive cholesterol drug. The FDA wants more information on the drug, also known as MK-0524A. Cordaptive is said to lower bad cholesterol and raise good cholesterol.

Visa () fell 2% in pre-market trading despite topping views. Late Monday, the credit card firm reported adjusted earnings of 52 cents a share, up 49% from a year earlier and 8 cents above views. Sales grew 22% to $1.5 billion. But investor concern about how the economy might affect results hurt shares.

On the upside, Flowserve () surged 11% in the pre-market on strong Q1 results and gave a bright outlook. After the close Monday, the maker of pumps and valves delivered earnings of $1.53 a share, up 159% from the year before and well above consensus estimates for 94 cents. Sales rose 24% to $993 million, also above views. Flowserve boosted its full-year guidance to $5.90 to $6.20 a share from $5.10 to $5.40 a share. Analysts expected $5.39 a share.

Corning () climbed 5% after it topped views. Excluding items, the maker of glass substrates for LCD displays earned 44 cents a share in the first quarter, up 57% and 2 cent above views. Sales rose 24% to $1.62 billion. It guided Q2 profit and sales ahead of consensus estimates.

Take-Two Interactive Software’s () highly anticipated “Grand Theft Auto 4″ title hits store shelves around the world today. The release is expected to top records set by Microsoft’s “Halo 3″. Shares of Take-Two rose 1% in the pre-market

On the economic front, the Consumer Confidence Index for April will be out at 10 a.m. EDT. Economists expect a dip to reading of 61.