Midday movers: DuPont, 3M, Yahoo

Stocks tumble as several corporate giants report disappointing earnings for the third quarter.

By MSN Money Partner Oct 23, 2012 1:06PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Dow member DuPont (DD) plunged nearly 9% after it slashed its annual forecast and announced 1,500 job cuts following a quarter that badly disappointed on both the top and bottom lines. 

Fellow Dow component 3M (MMM) also cut its profit expectations for this year because of what it calls "current economic realities" and shares slid 3%. 

United Technologies (UTX), the third Dow member to report, was down about 1% after reporting adjusted earnings that beat expectations and backing its full-year earnings outlook.

United Parcel Service (UPS) advanced over 2.5% after it narrowed its 2012 profit outlook after posting Q3 earnings that matched consensus estimates amid higher export volumes in Asia and a gain in U.S. package volumes.

Royal Bank of Canada (RY) agreed to acquire the Canadian operations of Ally Financial, the U.S. auto lender majority owned by the U.S. Treasury, for a $1.4 billion investment net of excess capital. 

Also, Target (TGT) struck a deal to sell its credit card portfolio to TD Bank (TD).

Among the notable market gainers Tuesday were ARM Holdings (ARMH), up 9%, Coach (COH), up 8%, and Yahoo (YHOO), up 5%, after their earnings reports. 

Among the noteworthy losers was Star Scientific (STSI), down 7% after Reynolds American (RAI) confirmed that it had paid the company only $5M in Q3 related to their patent settlement. Also lower were shares of Monster Beverage (MNST), which sunk another 9% after being down yesterday as analysts expressed caution today about the company's outlook.
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