Diamonds and Dogs
Microsoft (MSFT) tops a $1 trillion value. Microsoft is up 4% to all-time highs following better than expected earnings. Cloud business profit margins grew to 63%. Revenue rose 14% to $30.2 billion. Intelligent Cloud revenue, which includes its Azure offering, rose 22% to $9.7 billion. Plenty of upgrades with new price targets of $145, $145 and $147. Facebook (FB) is also up 5% following earnings. A good day for big cap tech.
Not a good day for sticky notes. The consumer staple conglomerate, 3M (MMM) is down 10% following disappointing earnings, missed sales, lower guidance and job cuts. The first quarter results were also hurt by two significant litigation issues impacted 3M's first-quarter results. The company established a reserve of $235 million to resolve certain environmental matters and litigation. Other than that, the company is doing great.