3M, AT&T: Dow Midday Movers
NEW YORK ( TheStreet) -- U.S. stocks were rising midday Tuesday following positive earnings from 3M (MMM - Get Report) and AT&T (T - Get Report), which were leading the Dow Jones Industrial Average higher midday Tuesday.
The Dow was rising 111.63 points to 13,038.80 midday Tuesday.
Shares of AT&T climbed 4.05% to $31.85. The telecommunication company's first-quarter earnings beat analysts' earnings estimates. AT&T reported profit of 60 cents a share, excluding items; analysts were looking for earnings of 57 cents.
TheStreet Ratings gives AT&T a B grade with a buy rating and $35.50 price target.3M shares gained 1.89% to $88.78. The Scotch tape maker's first-quarter earnings beat analysts' estimates and the company raised the low end of its full-year guidance. 3M reported first-quarter earnings of $1.12 billion, or $1.59 a share, up from year-earlier earnings of $1.08 billion, or $1.49. The first quarter included a one-time charge of 4 cents a share. Analysts, on average, were expecting earnings of $1.49 a share. Full-year 2012 guidance was raised to a range of between $6.35 a share and $6.50 a share from earlier estimates of between $6.25 a share and $6.50 a share. TheStreet Ratings gives 3M an A- grade with a buy rating and $100.25 price target. The largest decliners in the index midday Tuesday were Wal-Mart (WMT - Get Report) and Cisco (CSCO). Shares of Wal-Mart fell 1.56% to $58.61. Wal-Mart's stock was one of the worst-performing stocks Monday in the Dow and S&P 500 following reports that executives in Mexico used bribes to help speed up the process of gaining market share in the country. TheStreet Ratings gives Wal-Mart an A grade with a buy rating and $71.41 price target. Cisco shares dropped 1.19% to $19.44. TheStreet Ratings gives Cisco a B grade with a buy rating and $22.99 price target. -- Written by Alexandra Zendrian
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