Discouraging news from 3M dragged on the blue-chip index.
Discouraging news from 3M dragged on the blue-chip index.
Mixed Trading. The Dow Jones Industrial Average fell, dragged lower by discouraging news from 3M, but the other major U.S. stock-market indexes were higher as investors assessed a flood of news about corporate earnings.
The Dow lost 49 points, or 0.2%. The S&P 500 gained 0.1% and the Nasdaq Composite rose 0.6%.
Midday Movers
3M (ticker: MMM) fell 4.4% as management lowered its forecast for full-year earnings for the second time in three quarters.
Align Technology (ALNG) gained 12% after the maker of teeth aligners used in orthodontics beat Wall Street’s estimates for earnings and revenue.
Lam Research (LAM) rose 11.4% to a record high. The company reported strong results for the fiscal first quarter and issued a positive outlook, news that prompted a slew of favorable reports from analysts.
O’Reilly Automotive (ORLY) rose 8.4%. It revenue came in shy of analysts’ expectations, but its earnings per share were better than anticipated. beat consensus and it boosted its full-year EPS guidance.
Twitter (TWTR) plunged 19% after revenue fell short of expectations. The company blamed a software bug in its advertising platform.
Alliance Data Systems (ADS) dropped 14.7%. Both its quarterly revenue and earnings were lower than expected.
Write to Ben Walsh at ben.walsh@barrons.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
