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Home / Business / Dow slips 250 points after 3M earnings error

Dow slips 250 points after 3M earnings error



  Traders work under monitors showing 3M Co signage on the floor of the New York Stock Exchange (NYSE) in New York.

Michael Nagle Bloomberg | Getty Images

Traders work under monitors showing 3M Co signature on the floor of the New York Stock Exchange (NYSE) in New York.

Facebook shares rose more than 8% after the first quarter figures showed promising growth in Stories and Ads.

"We believe investors will continue to comfort themselves with the gradual financial risk created by content and privacy issues," writes Guggenheim Partners analyst Michael Morris in a note. "The company is proactive and definitely tackles these issues while expanding core revenue and new initiatives."

Analyst also increased his Facebook target to $ 220 per share from $ 200.

Meanwhile, Microsoft managed over 4% as its better than expected earnings were driven by a 41% increase in its commercial cloud revenue business. This growth was led by Azure, which saw sales skyrocket by 73%.

More than 170 S & P 500 companies have reported quarterly results so far, according to FactSet. Of these companies, 78% have reported better than expected earnings. "The company is proactive and definitely tackles these issues while expanding core revenues and new initiatives. , said Michael Shaoul, Chairman and CEO of Marketfield Asset Management, in a note. "The worst thing we can say is that investors are hoping for more than normal, especially in the key semiconductor sector where a strong second half has been priced at many issuers, but this does not seem to be a factor in the short term."

Wall Street closed the Wednesday session lower on the back of mixed business results. Earlier this week S & P 500 noted a full-time high and remains about half during its intraday record.

-CNBC's Silvia Amaro contributed to this report.


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