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Home / Business / Dow Trades Higher and Nasdaq Stumbles Ahead of Apple Earnings

Dow Trades Higher and Nasdaq Stumbles Ahead of Apple Earnings



Here Are 3 Hot Things to Know about Stocks Right Now

  • The Dow Jones Industrial Average is rising Tuesday as shares of 3M Co. (MMM) slumped higher. Verizon Communications Inc. (VZ).
  • Pfizer Inc. (PFE) rose 2% after reporting solid fourth-quarter earnings but issuing weaker-than-expected 2019 guidance.
  • 3M said it was cutting its 2019 earnings outlook but was positioned for a "successful 2019." The stock rose 3.2%.

Wall Street Overview

Stocks mostly down on Tuesday, Jan. 29, as investors digested a host of corporate earnings reports while concerned that a

Weng Wanzhou, chief financial officer of Huawei Technologies Co., just arrived before China Vice Premier Liu He is set to arrive in Washington for high-level trade talks that both sides hope to push forward as a March 1

deadline approaches.

"The company denies that it or its affiliate or committed any

Meng, who is the daughter of the company's founder, which was arrested in Canada last month at the request of the US on charges they mislead authorities about its business in Iran in order to get around. sanctions. U.S. is seeking to extradite her to face charges in the U.S.

U.S. Commerce Secretary Wilbur Ross insisted the charges were "totally separate" from the trade talks. But the timing of the charges could be considered a major risk to an agreement, especially given the fact that a host of U.S. companies have cited slowing China's growth as a reason for weaker-than-expected fourth-quarter earnings and tepid 2019 profit outlooks.

The Dow Jones Industrial Average was up 5 points, or 0.02%, to 24,533, the S & P 500 slipped 0.39 %, and the Nasdaq was down 0.95%.

Investors want to watch the start of the two-day meeting of the Federal Open Market Committee, the policy-setting arm of the Federal Reserve. The body is expected to maintain the target range at 2.25% to 2.5%.

Meanwhile, consumer confidence in January fell to 120.2 from 128.1 the month before, and what is below economists estimates of 124.9. The 35-day government shutdown, which ended Jan. 25, for the decline.

3M Co. (MMM) reported fourth-quarter adjusted earnings of $ 2.31 a share, beating analysts' expectations of $ 2.28, but the maker of Scotch tape and Post-it Notes: $ 10.60 to $ 11.05

The company, however, said it would be better to do so

3M shares rose 3.2%.

Pfizer Inc. (PFE) reported solid fourth-quarter earnings but issued weaker-than-expected 2019 guidance as the exclusivity of its key epilepsy Treatment Lyrica comes to an end. The stock was up 2%.

Pfizer said earnings for the three months ended in December were 64 cents a share, topping the Wall Street consensus of 63 cents. Revenue was $ 13.98 billion, up 2% from the fourth quarter of 2017 and ahead of the $ 13.9 million estimate.

Looking into 2019, however, Pfizer said it expects full-year earnings of between $ 2.82 and $ 2.92 a share, notably lower than Verizon Communications Inc. (VZ) earned $ 1.12 a share on an adjusted basis in the fourth quarter, topping analysts' estimates by 3 cents, as revenue of $ 34.3 billion came in slightly below forecasts.

The company said fourth quarter net postpaid net additions were 1.2 million, including 653,000 phone net additions and 873,000 postpaid smartphone net additions. Fios net additions in the quarterly were 54,000, beating forecasts of 45,300.

The telecommunications giant said it would adjust earnings in 2019 similar to 2018's adjusted profit of $ 4.71 a share. It has added "low single-digit percentage growth in full-year consolidated revenues on a GAAP reported basis." The stock fell 2.3%.

Lockheed Martin Corp. (LMT) posted modestly weaker-than-expected fourth-quarter earnings but said its 2019 outlook has improved its demand for its F-35 aircraft. Shares rose 1.5%.

Earnings reports are expected after Tuesday's closing bell from Apple Inc. (AAPL), Advanced Micro Devices Inc. (AMD) and eBay Inc. (EBAY).

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Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells the stock? Learn more now.

PG & E Corp. (PCG) filed for Chapter 11 bankruptcy protection Tuesday, June 30, 2011 The United States, the largest in the nation, could seek to reach $ 30 billion worth of state's deadly wildfires in 2017 and 2018.

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