1) Stock for the company 3M took a tumble today with a 12.9% drop, the largest drop of 3M’s stock in thirty years. Their first quarter earnings were way below projected earnings, causing 3M to take measures to shore up their operations, starting with layoffs for two thousand employees.
2) Intel corporation forecasts weak second quarter revenues, and have also reduced their full year outlook from fears for an industry wide slowdown. Their 2019 forecast of $69 billion dollars is now down from their original $71.5 billion dollars estimate.
3) Sears is closing its ‘store of the future’ after just six months. Sears spent a year renovating the 56 year store in Oak Brook Illinois, which was a prototype of Sears new marketing strategy. This closing shows Sears doesn’t have a long term plan for its survival.
4) 25 APR 19 Stock market closings:
Dow 26,462.08 down 134.97
Nasdaq 8,118.68 up 16.67
S&P 500 2,926.17 down 1.08
10 Year Yield: up at 2.53%
Oil: down at $65.10