Midday Leaders & Laggards: S&P 500

Shares of computer and printer maker Hewlett-Packard Co. took the biggest hit on the Standard & Poor's 500 Tuesday, helping pull the index lower at midday, after it agreed to buy Electronic Data Systems Corp. for $12.6 billion.

The S&P 500 fell 3.83 points to 1,399.75.

Tuesday morning, Hewlett-Packard offered $25 per share for the technology services company, which amounted to a premium of nearly 33 percent over EDS' closing price on Friday. H-P shares lost $3, or 6.5 percent, to $43.83 in the wake of the deal's announcement.

TJX Cos. posted a first-quarter profit that grew nearly 20 percent, but the discount retailer said its pretax margin missed expectations. Shares lost $1.35, or 4.2 percent, to $30.79.

Capital One Financial Corp. shares slid after Moody's Investors Service said the outlook in consumer finance is bleak and companies likely face a "relatively mild recession" in the first half of the year. The stock fell $2.33, or 4.3 percent, to $51.59.

Among the gainers, shares of Fluor Corp. rose after the construction and engineering contractor posted a higher first-quarter profit that beat Wall Street estimates. The stock gained $21.53, or 12.9 percent, to $187.89.

Shares of wine, beer and spirits maker Constellation Brands Inc. gained $1.71, or 9.1 percent, to $20.53.

Shares of McGraw Hill Cos. rose $2.13, or 5.1 percent, to $43.62 after a Jefferies analyst began coverage of the textbook publisher with a "Buy," expecting better results from its financial services unit.