Baker Hughes (BHI) fell in midday trading Tuesday after the oil services company swung to a quarterly loss and reported a 33% drop in revenue tied to tumbling oil prices. North American sales, which contribute one-third to total revenue, fell nearly 50%. Earnings were the driving force of markets on Tuesday. The Dow suffered a triple-digit decline after a disappointing report from IBM (IBM) and United Technologies (UTX). Harley-Davidson (HOG) moved higher despite a mixed quarter and a decline in motorcycle sales. Overall motorbike sales fell more than 1%, driven by a nearly 3% dip in the international market. Lexmark (LXK) tumbled after guiding for third-quarter profit below analysts' estimates. The printing company also announced 500 job cuts over the next 18 months as part of restructuring efforts.
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