Will today mark a turning point in the earnings season? Perhaps. One thing is certain, however: Today is not a good day for big blue chips. Of the three Dow components that reported before the bell this morning, two are sending chills down the market's spine, as the Dow Jones Industrial Average (^DJI +1.79%) and the broader S&P 500 (^GSPC +1.20%) are down 1.84% and 1.68%, respectively, as of 10:40 a.m. EDT.
Let's have a look at these three premarket earnings releases:
- 3M (MMM +2.66%) met analyst expectations of $1.65 per share in the third quarter but lowered guidance for the full year to a range of $6.27 to $6.35 per share from $6.35 to $6.50 per share (the consensus estimate called for $6.40). In doing so, management cited a "slow-growth economy."
- Chemical maker DuPont (DD +0.00%) missed expectations with ex-item EPS of $0.44, falling $0.02 short of the consensus estimate. DuPont also slashed full-year guidance to between $3.25 and $3.35 per share from a previous range of $4.20 to $4.40. Management also said it would cut 1,500 jobs.
- Finally, United Technologies (UTX +0.33%) handily beat expectations with ex-item EPS of $1.37 against a consensus figure of $1.18. However, with revenue of $15 billion, the company fell short of analyst expectations of $15.5 billion.
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