Dupont (DD) reported net income of $10 million, or a penny per share, compared with $452 million, or 48 cents per share, a year earlier. Excluding one-time items, DuPont earned 32 cents per share, while analysts on average had expected 46 cents. The company plans to lay off 1,500 employees around the world, about 2 percent of its 70,000-person workforce. DuPont cut its 2012 profit outlook to a range of $3.25 to $3.30 per share, below the $3.93 expected.
3M Company (MMM) reported net income rose to $1.16 billion ($1.65 per share) vs. $1.09 billion ($1.52 per share) in the same quarter a year earlier. This is a rise of 6.6% from the year-earlier quarter. Revenue fell 0.4% to $7.5 billion from the year-earlier quarter. Earnings were in line with the mean analyst estimate of $1.65 per share. Revenue fell short of the average estimate of $7.79 billion.
United Technologies Corporation (UTX) reported net income rose to $1.42 billion ($1.37 per share) vs. $1.32 billion ($1.47 per share) in the same quarter a year earlier. A 6.9% increase from the year-earlier quarter. Revenue was up 1.3% to $15 billion from the year-earlier quarter. Earnings fell short of analyst estimates of $1.42 per share but beat the average revenue estimate of $14.45 billion.
European stocks were lower in midday trading and Asian markets closed mixed.
Facebook reports earnings today after the close. That should be interesting.
Earnings reports (estimates): UTX-United Technology ($1.42), UPS-United Parcel (1.06), AMGN-Amgen (1.47), MMM-3M (1.65), GILD-Gilead Sciences (0.94), FB-Facebook (0.11), DD-DuPont (0.47), VMW-VMWare (0.63), ITW-Illinois Tool (1.06), ACE-ACE Ltd (1.83), RAI-Reynolds America (0.79), AFL-Aflac (1.66), NSC-Norfolk Southern (1.23), BRCM-Broadcom (0.77), BXP-Boston Properties (0.33), PLD-Prologis (0.01), COH-Coach (0.75), ALTR-Altera (0.46), FTI-FMC Technologies (0.57), RF-Regions Financial (0.21), HOG-Harley Davidson (0.59), CHRW-CH Robinson (0.73), JNPR-Juniper Networks (0.17), XRX-Xerox (0.25), VMED-Virgin Media (0.41), SIAL-Sigma-Aldrich (0.94), BCR-CR Bard (1.63), AME-Ametek (0.46).
0745 ET ICSC (Int’l Council of Shopping Centers) weekly retailer sales.
0855 ET Redbook weekly retailer sales.
0900 ET Former Fed Chairman Alan Greenspan speaks at SIFMA meeting in NY.
1000 ET Oct Richmond Fed manufacturing index expected +1 to 5.0, Sep +13.0 to 4.0.
1130 ET Weekly 4-week T-bill auction.
n/a 2-day FOMC meeting begins.
1300 ET Treasury auction of $35 billion in 2-year T-notes.
1630 ET API weekly U.S. oil statistics.