The Dow Jones industrial average lost 36.75 points to 9,554.37, and the Nasdaq composite index inched up 2.45 points to 1,837.53.
Stocks spiked up Tuesday after the Fed cut interest rates by a half point, the 10th rate reduction this year.
In other HP news, the computer maker confirmed that it will suspend pay raises until business recovers.
HP shares lost 53 cents to $19.18, and Compaq's fell 51 cents, or 6 percent, to $7.99.
Wireless-technology company Qualcomm reported an earnings miss and bleak predictions Tuesday. Shares in the company were down earlier in the day, but closed up 38 cents to $55.11.
Maxim Integrated Products disappointed investors with its quarterly report. Shares were off $1.21 to $52.95 after the maker of analog and mixed-signal integrated circuits said its first-quarter income fell 49 percent from its level a year ago.
Among other actively traded shares, Intel rose 4 cents to $28.29; Oracle rose 36 cents to $15.58; and Microsoft fell 53 cents to $64.25.
AOL Time Warner fell 65 cents to $34.50. Yahoo rose 44 cents to $13.43, and Amazon.com was up 38 cents to $7.43.
Staff and Reuters contributed to this report.