Diamonds and Dogs
Two Dow components trading higher. Verizon (VZ) is up 4% thanks to stronger-than-expected third quarter earnings, adding more telephone users to its network than analysts had anticipated. With the beginning of the 5G era in the fourth quarter, Verizon expects the trend to continue. McDonalds (MCD) is up 6% not far from a 52 week high following earnings. Sales fell 6% year over year, but global sales rose 4%. As one analyst put it, the results underscore the persistent strength of the McDonalds model.
Two Dow components trading lower. Caterpillar (CAT) is down 7% after having their best third quarter in company history. But less than stellar guidance, weak free cash flow and a declining backlog has investors selling. Another industrial, 3M (MMM) is down 4% after missing third quarter estimates and lowering guidance for the rest of the year. With the trade tariffs, it's not a good time to be an industrial.
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