DuPont, UPS, 3M Earnings, Nokia’s New Bond: Stock Buzzers
DuPont (NYSE:DD) shares are down over 8 percent Tuesday after releasing weak third-quarter numbers. Sales for the quarter were down 9 percent compared to last year, and total reported earnings were $0.01 per share, versus $0.48 per share a year ago. As part of a restructuring plan, the company will be cutting about 1,500 positions around the world in the next 12 to 18 months.
United Parcel Service (NYSE:UPS) ticked up over 2 percent in morning trading. The company reported third-quarter 2012 diluted earnings per share of $0.48, down from $1.09 a year ago. Average volume per day was up 2.9 percent to 15.5 million. The company’s international segment had its most profitable quarter in history, up 7.7 percent to $449 million.
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3M Co. (NYSE:MMM) reported record third-quarter earnings of $1.65 per share, up 8.6 percent from last year. However, shares dropped as much as 3.2 percent in morning action as the company cut its full-year 2012 earnings per share projection from about $6.40 to between $6.27 and $6.35.
Amid growing employee tension, Wal-Mart (NYSE:WMT) and two staffing agencies are the target of a class action lawsuit alleging that the world’s largest employer required temps to show up early, stay late, and work through lunch. Wal-mart employees have been organizing and taking action against unfair labor practices, while a spokesman for the company has said that the litigation is more a publicity stunt than anything else.
With Windows Phone 8 right around the corner, Nokia (NYSE:NOK) is gearing up to offer 750 million euros ($977.2 million) in bonds with a coupon between 4.25 and 5 percent, maturing in 2017. Shares are down over 6 percent in Tuesday morning action, as the company’s cash on hand falls and its credit rating has been cut.