Equities End Mixed as Weak 3M (MMM), Twitter Earnings Offset Strong Microsoft Results

Press Release
Stocks ended mixed as disappointing earnings from 3M (MMM) and Twitter (TWTR) offset strong results from Microsoft (MSFT) and a report that US farm sales to China could return to the levels before the trade war by the 2020 presidential election if the Asian nation signs a partial trade deal.

Bloomberg reported that China plans to buy $20 billion of American farm products in a year and would consider increasing purchases in future rounds of negotiations. The $20 billion would return US farm product imports back to the 2017 levels before the US began to levy tariffs, according to the report.

3M shed nearly 4.1% after the industrial conglomerate cut its full-year earnings guidance after sales fell in the latest quarter to miss expectations. Despite the slide, industrials added 0.1% as United Technologies (UTX) rose 2.5% and Boeing (BA) added almost 1.2%.

Tech shares surged nearly 1.5% as Microsoft added 2% after its fiscal first-quarter results beat views as cloud sales surged. PayPal (PYPL) surged 8.6% after payment company reported stronger-than-expected third-quarter results after the market close on Wednesday. Micron Technology (MU) added 5.5%.

Twitter shares dropped nearly 21% after the social-media company’s quarterly results missed views due to “unexpected headwinds” in its ad business. Twitter weighed on the communication services sector, which ended more than 0.7% lower. Fox (FOXA) shed 2.8% while Comcast (CMCSA) fell 1.9%.

Health care shares lost 0.6%, pulled lower by Johnson & Johnson’s (JNJ) 1.8% slide after the pharmaceutical giant after the company cut its previously reported third-quarter earnings by $3 billion due to a proposed settlement of opioid-related litigation.

Baxter International (BAX) dropped more than 10% after the pharmaceutical company announced an investigation of misstatements in its non-operating income for 2014 through the first half of this year.

Align Technology (ALGN) surged nearly 15% after its quarterly results beat views.

In economic news, durable goods fall more than expected in September to snap a three-month streak of gains while sales of newly built homes fell last month.

The Dow Jones Industrial Average slid 0.1% while the Standard & Poor’s 500 gained nearly 0.2% The Nasdaq Composite rose 0.8%.

This post was originally published on Health Opinion

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