Limited Brands, Inc. Wednesday reported a decline in fourth-quarter profit as it wrote down intangible assets of La Senza and restructured the lingerie brand which operates in Canada and worldwide. Leaving out one-time gains and charges from both periods, earnings rose from last year and topped Street estimates.

Hewlett-Packard Co. said Wednesday after the markets closed that its first quarter profit fell 44% from last year, hurt by lower sales and weaker margins. The company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. At the same time, the Palo, Alto, California-based company forecast second quarter earnings below analysts' current consensus estimate.

Stocks moved mostly lower over the course of the trading day on Wednesday, although selling pressure was relatively subdued. Lingering concerns about the outlook for the European economy weighed on the markets once again. The major averages posted modest losses on the day after ending the previous session mixed.

Even as health regulators try to track the source of fake vials of Genentech's Avastin being distributed in the U.S., reports have emerged of other dubious drugs having found its way into the supply chain as fraudulent firms seek to profit from unauthorized versions of such costly medicines. About a week ago, Genentech, a part of Swiss drug maker Roche Holding AG, had warned healthcare providers and patients in the U.S. of fake vials of blockbuster cancer therapy Avastin.

European stocks declined on Wednesday, as fears about Greece resurfaced after Fitch Ratings downgraded the nation's credit rating and said a default is highly likely in the near term.