A mixed report and layoffs hurt 3M stock, and Apple is set to report this afternoon.
After a miserable Monday for the Dow Jones Industrial Average (DJINDICES:^DJI), the Dow staged a recovery on Tuesday, up 0.65% at 11:10 a.m. EST. News out of China regarding the coronavirus outbreak has only gotten worse, but the stock market was able to shake off the escalating crisis, at least for a day.
Moving lower on Tuesday was 3M (NYSE:MMM) after a mixed report, restructuring charges, and the announcement of layoffs. Meanwhile, Apple (NASDAQ:AAPL) stock was higher in the lead-up to the company’s earnings report this afternoon.
3M announces layoffs after mixed results
Shares of 3M were down 5.1% Tuesday morning after the industrial conglomerate reported lackluster fourth-quarter results. Adjusted earnings came in higher than expected, but revenue fell short of analyst estimates. The company also announced layoffs and a substantial restructuring charge as part of its transformation efforts.
Image source: 3M.
3M reported fourth-quarter revenue of $8.1 billion, up 2.1%
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