3M hampers Dow, tech powers Nasdaq to record

Credit: Reuters Studio
Published on April 26, 2019 - Duration: 01:36s

3M hampers Dow, tech powers Nasdaq to record

The Dow finished lower as dismal results from 3M added a note of caution to earnings season, but solid results from Microsoft lifted the Nasdaq to a lifetime high.

Conway G.

Gittens reports.

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3M hampers Dow, tech powers Nasdaq to record

The Nasdaq jumps to its highest level ever, but the Dow trips over a nasty fall in 3M's stock.

Shares of the international industrial conglomerate behind Post-it notes and Scotch tap had their worst day since the 1987 Wall Street crash, following weaker-than-expected first-quarter sales and profits.

And the company cut its outlook for the year.

Aaron Kennon is CEO of Clear Harbor Asset Management.

"3M, a huge contributor to the Dow, down significantly - missing on the top line, as well as the bottom line.

Margins are not expanding.

They are actually contracting.

So there is some idiosyncratic risks there but, I think it also speaks to the global concern that growth is going to take a while to rebound.

We are seeing, however, a bit of a bifurcation even within that industrial sector, where countries like Honeywell and United Technologies are beating on both top line and bottom line." UPS provided another warning signal as earnings season rolls on.

The world's biggest package delivery company missed quarterly profit and sales forecasts.

A mixed picture from Comcast.

Earningsbeat analysts expectations, but sales were a disappointment.

The media company saw a bigger-than-expected drop in video and phone customers.

Revenue from its cable tv networks, movie studio and theme parks also fell shy of forecasts.

But on the bright side.

Microsoft.

The stock temporarily touched a $1 trillion market cap following stellar quarterly results.

Only two other U.S. companies have done that before - Apple and Amazon.

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