Stocks are getting smoked as the yields keep rising and tech tumbles. Plus, Apple enters correction territory. Is the pain over or just beginning? And Amazon is getting pummeled ahead of earnings this week. We break it down and talk its latest delivery tactic. Plus, Spotify’s looking for more market share. Why its improved “free” app will boost its bottom line.
Winners and losers
Stocks in the red include 3M company as the conglomerate and post-it maker’s earnings were basically in-line with estimates, but it trimmed its full-year profit forecast; Incyte as an FDA panel advised against high dose usage of the drugmaker’s rheumatoid arthritis drug codeveloped with Eli Lilly, and Caterpillar shares are reversing lower despite an earnings beat as its CFO said on the call that steel and commodity costs would be “a headwind all year.”
Today’s winners include Whirlpool as the home appliance maker offloads its Embraco compressor business for $1 billion and turns focus to its consumer-facing business, Verizon as the telecom giant and Yahoo Finance’s corporate parent reported a strong earnings and revenue beat, with retail postpaid connections up around 260,000 and Pulte Homes — shares of the homebuilder are gaining as it beat on earnings and revenue, powered by a nearly 20% rise in new orders.