The Standard & Poor's 500 index slipped Wednesday as Unisys Corp.'s stock tanked on Wednesday following a report of a first-quarter loss.
The S&P 500 declined 5.35 points to 1,385.59, after the Federal Reserve announced it would cut interest rates by a quarter point.
Unisys, which provides information-technology services, swung to a quarterly loss on a higher tax expense, sending shares down 59 cents, or 12.4 percent, to $4.16.
OfficeMax Inc. shed $1.93, or 9.6 percent, to $18.27. The office supply retailer's earnings fell short of expectations.
MEMC Electronic Materials declined $6.43, or 9.3 percent, to $62.97, following an analyst downgrade.
On the rising side, General Motors Corp. gained $2, or 9.4 percent, to $23.20, after the auto maker reported better quarterly results than analysts expected.
Cummins Inc. soared $5.16, or 9 percent, to $62.65, after the diesel engine maker backed its 2008 revenue outlook.
Interpublic Group of Companies Inc. rose 50 cents, or 5.9 percent, to $9.05. The advertising and marketing services company's first-quarter loss narrowed on strong sales growth abroad.
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