12 Min Read
Oct 23 (Reuters) - Some U.S. stocks to watch on Tuesday:
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Stocks opened sharply lower as disappointing earnings from Dow components DuPont, 3M and United Technologies seemed to confirm concerns about the slow global economy and its impact on corporate results.
The Dow Jones industrial average was down 149.98 points, or 1.12 percent, at 13,195.91. The Standard & Poor's 500 Index was down 13.33 points, or 0.93 percent, at 1,420.49. The Nasdaq Composite Index was down 31.00 points, or 1.03 percent, at 2,985.95.
** DUPONT, $46.09, down 7.4 pct (0942 ET)
The chemical company slashed its annual forecast, reported a lower-than-expected quarterly profit and announced 1,500 job cuts - bleak signs that demand for its lucrative paints and solar products is slipping around the world.
** 3M CO, $89.59, down 3.2 pct (0943 ET)
The diversified U.S. manufacturer reported a 6.7 percent rise in third-quarter profit, but the company cut its profit forecast for the full year as acquisition costs and a strengthening dollar hurt margins.
** HEELYS INC, $2.22, up 20 pct (0943 ET)
The maker of children's sneakers with wheels is selling itself to private equity firm Evergreen Group Ventures after suffering years of fading sales and a sliding share price.
** SUPERVALU INC, $2.96, down 6.6 pct (0944 ET)
The stock of the troubled supermarket operator fell after soaring on Monday on report that Cerberus Capital Management was working on a takeover bid for the troubled supermarket operator Supervalu and has held talks with lenders to line up financing.
** ARM HOLDINGS PLC , $30.08, up 7 pct (0944 ET)
The British chip designer beat quarterly profit forecasts, helped by the adoption of its most powerful processor technology in smartphones and tablet computers from the likes of Apple and Samsung.
** XEROX CORP, $6.64, down 5.5 pct (0945 ET)
Xerox tightened its full-year earnings outlook and said it would take a restructuring charge of up to $100 million after its third-quarter revenue was hurt by a strong dollar, weak economic conditions in Europe and tight government budgets.
** RYDER SYSTEM INC, $45.85, up 5.6 pct (0945 ET)
The trucking and logistics company reported higher quarterly profit, helped by cost cuts, a reduced fleet, and sales of used vehicles, and raised its forecast for the balance of the year.
** SIGMA-ALDRICH CORP, $70.89, down 2.7 pct (0946 ET)
Sigma-Aldrich a provider of chemicals for medical research, reported a lesser-than-expected quarterly revenue that eclipsed an in-line profit, hurt primarily by certain large orders slipping into the fourth quarter. Additionally, the company said it continues to experience soft demand in its research business.
** PEABODY ENERGY, $28.00, down 3 pct (0946 ET)
Goldman Sachs downgraded the coal miner's stock to "neutral."
** MONSTER BEVERAGE CORP, $43.06, down 6 pct (0948 ET)
The U.S. Food and Drug Administration said on Monday that it was investigating reports of five deaths that may be associated with Monster Beverage's namesake energy drink.
** REGIONS FINANCIAL CORP, $6.54, down 7.6 pct (0948 ET)
The southeastern U.S. regional bank's third-quarter profit nearly tripled as it set aside less money to cover bad loans but loan yields fell, signaling pressure on margins.
** WHIRLPOOL CORP, $89.82, up 4.1 pct (0949 ET)
Whirlpool reported a higher-than-expected quarterly profit as it benefited from price increases and improved productivity, prompting the world's largest appliance maker to raise its earnings outlook for the year.
** TARGET CORP, $62.06, down 0.3 pct (0949 ET)
The company said it struck a deal to sell its credit card portfolio to TD Bank Group, finding a buyer nearly two years after the retailer first said it wanted to sell the business.
** UNITED PARCEL SERVICE INC, $73.73, up 3 pct (0951 ET)
The world's largest package delivery system reported a lower quarterly profit that met market expectations, citing slowing global trade.
UPS also forecast 2012 adjusted earnings between $4.55 and $4.65 per share, which would be 5 to 7 percent above the 2011 figure. Analysts expect $4.56 a share, according to Thomson Reuters I/B/E/S.
** COACH INC, $56.65, up 4.6 pct (0951 ET)
The upscale leather-goods maker reported higher quarterly sales as business increased at its own stores in North America and there were large gains in China, although several retailers have said that market may be slowing.
** GENTEX CORP, $16.18, down 6 pct (0952 ET)
Gentex, a maker of automatic-dimming rear-view mirrors, posted a lower quarterly profit, and said it is concerned about volatility in its biggest market Europe.
** YAHOO INC, $16.48, up 4.5 pct (0952 ET)
Yahoo Chief Executive Marrisa Mayer promised to modernize Yahoo's websites and make them more smartphone-friendly in her debut appearance at the helm of the struggling company, faulting it for underinvesting in the "mobile wave".
Nearly 20 million shares changed hands by 0952 ET
** WESTERN DIGITAL CORP, $33.60, down 4.8 pct (0953 ET)
** SEAGATE TECHNOLOGY PLC, $27.44, down 3 pct (0953 ET)
The world's largest hard disk drive maker Western Digital's first-quarter profit topped lowered Wall Street expectations but the company said slowing PC sales and falling IT spending would hurt current-quarter sales and eat into margins.
Referring to the rising popularity of tablets and smartphones - which use flash-based memory - over PCs, J.P. Morgan Securities hardware analyst Mark Moskowitz said: "In tough times, unique or "feel good" purchases can be more amenable to end users, which gives the edge to the tablet versus the PC."
The news also sent down shares of rival Seagate.
** AK STEEL HOLDING CORP, $5.25, down 4.7 pct (0954 ET)
The company posted a wider third-quarter loss on Tuesday, as weak global demand pushed down prices for its steel products.
** MEADWESTVACO CORP, $30.07, down 1 pct (0954 ET)
The packaging company reported a sharp drop in third-quarter profit as higher prices were offset by unfavorable foreign currency exchange rates and decreased income from land sales.
** NETAPP INC, $28.89, down 3.4 pct (0954 ET)
Brokerage Robert W. Baird & Co cuts the data storage equipment maker to "neutral."
** LEXMARK INTERNATIONAL INC, $22.73, up 5 pct (0955 ET)
Lexmark, which is exiting its inkjet printer business, reported better-than-expected quarterly results but said it expected current-quarter revenue to decline 10 percent to 12 percent.
** HARLEY-DAVIDSON INC, $46.47, up 6.8 pct (0956 ET)
The motorcycle maker reported lower quarterly earnings as it revamped production at its largest factory, but the motorcycle maker kept its full-year forecast for shipments unchanged.
** TEXTRON INC, $25.21, down 1.8 pct (0956 ET)
Textron is still considering a possible acquisition of aircraft maker Hawker Beechcraft Corp after the collapse of Hawker's talks with a Chinese firm, Textron's chief executive said on Monday, while saying the price tag on the Chinese deal was too expensive.
** PEPSICO INC, $68.88, down 1 pct (0956 ET)
Pepsi said Japanese beverage company Suntory Holdings Ltd will acquire a 51 percent equity stake in the company's beverage business in Vietnam.
** CHESAPEAKE ENERGY CORP, $20.34, down 2.2 pct (0957 ET)
The U.S. energy company plans to pay off more than half of a pricey $4 billion bridge loan after receiving $2.8 billion in cash from the sale of some of its oil and gas properties in the Permian Basin.
** APPLE INC, $625.40, down 1.4 pct (0957 ET)
The company is expected to make its biggest product move on Tuesday since debuting the iPad two years ago, launching a smaller, cheaper tablet into a market staked out by Amazon.com Inc and Google Inc.
** ASSURANT INC, $39.13, down 4.3 pct (09528 ET)
The specialty insurer's unit reached an agreement with the California Department of Insurance to reduce the premium rates for its lender-placed hazard insurance product by 30.5 percent.
The company's unit expects the new rates that will be implemented in January 2013 to negatively impact its full-year net income by about $18 million. r.reuters.com/ran53t
** RADIOSHACK CORP, $2.30, down 3.8 pct (0958 ET)
The U.S. consumer electronics chain reported a much wider-than-expected quarterly loss, hurt by weak margins in its smartphone business.
** TEXAS INSTRUMENTS INC, $27.29, down 1.8 pct (0958 ET)
The U.S. chipmaker's quarterly revenue fell as demand for its chips slipped on economic concerns, and the company forecast more weakness this quarter.
** MORGAN STANLEY, Monday close $17.45
More than $6.5 billion in client assets managed at Morgan Stanley's U.S. brokerage may be walking out the door after two top-ranked private wealth advisers left the firm in California.
** DOMINION RESOURCES INC, $52.56, down 0.75 pct (0959 ET)
The company plans to shut its Kewaunee plant in Wisconsin next year. It will be the first U.S. nuclear plant to fall victim to growing competition from natural gas, triggering expectations more reactors could be forced to shut down.
** VOLTERRA SEMICONDUCTOR CORP, $18.17, down 1.2 pct (0959 ET)
The chipmaker forecast fourth-quarter results that were below analysts' expectations.
** WAL-MART STORES INC, $75.13, down 0.7 pct (1000 ET)
A new lawsuit accused Wal-Mart and two staffing agencies of requiring temporary employees to show up early for work, stay late, and work through lunch at the world's largest retailer.
** FNB Corp, $10.36, down 3 pct (1000 ET)
** ANNAPOLIS BANCORP INC, $11.32, up 46 pct (1001 ET)
Bank holding company FNB agreed to buy Annapolis, the parent of BankAnnapolis, in an all-stock deal valued at $49 million to tap the Maryland market.
** AMAZON.COM INC, $234.96, up 0.5 pct (1002 ET)
The e-retailer said on Monday that its $199 Kindle Fire HD tablet has been the best-selling product on its website since the gadget went on sale more than a month ago.
** VEECO INSTRUMENTS INC, $29.39, down 1.8 pct (1002 ET)
The company, which makes critical equipment for LED production, reported lower-than-expected quarterly revenue after the bell on Monday, hurt by weak bookings revenue, and forecast fourth-quarter results below Wall Streets' estimates.
Canacord Genuity cut its price target on the stock to $25 from $27 citing a weak forecast.
** WILSHIRE BANCORP INC, $6.38, up 1.4 pct (1003 ET)
Wilshire Bancorp's quarterly profit beat analysts expectations, as the lender continued to see a low level of credit losses, resulting in a further reduction in its allowance for loan losses from the elevated levels of last year.
** SWIFT TRANSPORTATION CO, $8.67, down 6.8 pct (1003 ET)
The trucking company posted lower quarterly profit as softness in the freight market hurt trucking revenue.
** ELI LILLY & CO, $51.27, down 2 pct (1004 ET)
Eli Lilly's experimental once-weekly diabetes drug, dulaglutide, proved superior in late-stage clinical trials to three other widely used medicines that are dosed more frequently, the company said on Monday.
** VIRGIN MEDIA INC, $33.04, up 0.5 pct (1004 ET)
A high-profile advertising campaign by Olympic champions Mo Farah and Usain Bolt helped pay-TV group Virgin Media to sign up a record number of net new cable customers in its third quarter and boost its profitability.
** UNITED TECHNOLOGIES CORP, $77.56, down 0.3 pct (1005 ET)
The world's largest maker of elevators and air conditioners reported a 3.3 percent decline in third-quarter earnings and cut its sales forecast for the year, citing weak demand from airlines and an uncertain economy. (Compiled by Ranjita Ganesan in Bangalore)