BUZZ-U.S. STOCKS ON THE MOVE-Tesla, IBM, United Natural, Exact Sciences
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) Wall Street was lower on Tuesday as weak revenue at IBM and United Technologies weighed. The Dow Jones industrial average was down 1.09 percent at 17,902.88, the S&P 500 was down 0.38 percent at 2,120.16 and the Nasdaq Composite was down 0.26 percent at 5,205.502.
** TESLA MOTORS INC, $270.13, -4.30 pct
Analysts at UBS downgradSe the third rating cut on Tesla this month (Deutsche Bank and StarMine 4-star ranked Pacific Crest earlier). UBS says energy storage business cheered on by investors and is unlikely to live up to expectations. Meanwhile theinformation.com blog writes about cash burn at Tesla, adding the company might have to raise funds again (link: bit.ly/1TNLQgu).
** UNITED TECHNOLOGIES CORP, $101.99, -7.68 pct
The company which agreed on Monday to sell its Sikorsky helicopter business, cut its full-year profit outlook on Tuesday as it warned of pressures in its aerospace systems and Otis elevators businesses.
** INTERNATIONAL BUSINESS MACHINES CORP, $163.25, -5.76 pct
The technology services company's revenue fell for the 13th consecutive quarter and missed the average analyst estimate, as it continued to shed low-margin businesses and the strong dollar weighed on Big Blue's results. Continued...