Wall Street is struggling to hold on to gains in early trading. Stocks are mixed (^DJI, ^GSPC, ^IXIC) as investors mull over a mixed bag of earnings from some big-name companies and the Federal Reserve's two-day meeting gets underway.
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Procter & Gamble (PG), the maker of Tide detergent and other consumer products, posted profit that beat expectations for its March quarter as costs cuts and higher prices helped offset the impact of the stronger dollar. But revenue came in slightly shy of estimates, with sales down 7% year-over-year.
3M (MMM), the maker of Post-it Notes, Scotch tape and other industrial products, reported earnings and revenue that topped Wall Street views for the first quarter. Profit was up more than 6% from a year ago helped by lower costs and a tax benefit.
DuPont (DD) reported a beat on both its top and bottom lines for the first quarter as it benefited from strength in its agriculture and nutrition divisions. The company also raised its profit outlook for the year as it slashes spending ahead of its planned merger with rival Dow Chemical (DOW) and sees a lower impact from the stronger dollar.
Coach (COH), the luxury handbag maker, delivered better-than-expected earnings and revenue for its fiscal third quarter. Sales rose nearly 11% from a year earlier thanks to strong demand in China and Europe. The company also said it plans to cut jobs but didn't say how many and that its chief operating officer is leaving.
Apple earnings preview
Apple (AAPL) is expected to report its first year-over-year decline in iPhone unit sales after the market close today. Analysts forecast the tech giant will report 50 million in iPhone sales, down from 61 million one year ago.
China blocks Disney movies & shows from being streamed
The Wall Street Journal is reporting that Chinese regulators have blocked Disney’s (DIS) content from being streamed in the country. How could this impact Disney’s business?
Facebook developing Snapchat-like app: WSJ
Facebook (FB) is developing a stand-alone camera app that is similar to Snapchat. The Wall Street Journal is reporting that the app is being developed by Facebook's "friend-sharing" team in London and is in its early stages. Why is this a strategic move for the social network giant and what could this mean for Snapchat?
