Recently Merged DowDuPont Powers Dow Higher
The Dow Jones Industrial Average was the best performer after a triple-digit tumble a day earlier. The S&P 500 also finished in the green but the Nasdaq closed slightly lower.
Shares of Dow component DowDuPont Inc. were higher after issuing preliminary third-quarter results. The chemicals company reported an 8% sales increase from a year earlier. DowDuPont will report its earnings on Nov. 2 in its first quarterly release after its successful merger.
Celgene Corp. (CELG) - Get Report shares tumbled 16% after disappointing sales raised concerns among investors. The drugmaker cut its full-year outlook on total revenue to roughly $13 billion, from between $13 billion and $13.4 billion. The company also reduced its 2020 sales guidance to a range of $19 billion to $20 billion, down from its previous forecast of more than $21 billion.
Ford Motor Co. (F) - Get Report stock rose after the automaker reported a better-than-expected third quarter. Net income of 39 cents a share rose from 24 cents a year earlier. Adjusted profit of 46 cents a share beat by 13 cents. Revenue of $36.5 billion exceeded estimates of $32.9 billion. The automaker also adjusted its full-year profit forecasts to $1.75 to $1.85 a share, a penny above estimates on the low end of that range.
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