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Stocks - 3M Rises in Premarket as Pandemic Lifts Health Care Division

By Geoffrey Smith -- Stocks in focus in premarket trade on Tuesday, 28th April. Please refresh for updates.

Caterpillar (NYSE:CAT) stock was up 1.3% after the company’s adjusted earnings and revenue turned out slightly weaker than expected in the first quarter. The company, a rough proxy for global capital spending, withdrew its guidance for the full year at the end of March but is continuing to pay its quarterly dividend. 3M (NYSE:MMM) stock was up 4.7% after its booming health-care division made up for declines at its other industrial units. The company still intends to cut its capital spending by some $400 million to $1.3 billion this year. 3M announced earnings per share of $2.16 on revenue of $8.08 billion, ahead of expectations for EPS of $2.03 on revenue of $7.91 billion.    3M suspended its buyback but will continue to pay its dividend. T Rowe Price (NASDAQ:TROW) stock rose 2.1% after its earnings beat expectations, despite net client outflows of $6 billion in the quarter. UPS (NYSE:UPS) stock fell 4.4% after the company’s first-quarter earnings fell some 8% short of expectations at $1.15 a share. The company suffered margin compression as costs rose faster than revenue amidst a surge in demand for the delivery business during the pandemic.   DR Horton (NYSE:DHI) stock was up 7.5% after beating expectations for sales and revenue in a first quarter that suffered only marginally from Covid-19 impacts.  The homebuilder said its business had slowed more sharply in the second quarter. "Our experienced operators across the country have and continue to quickly adjust to changing market conditions," said chairman Donald Horton.  Sirius XM  (NASDAQ:SIRI) stock rose 2.7% to its highest since mid-March after reporting that earnings per share more than doubled from a year earlier in the first quarter. EPS of 7c were 40% ahead of analysts' expectations. Barclays (LON:BARC) ADRs (NYSE:BCS) and Lloyds Banking Group (LON:LLOY) (NYSE:LYG) ADRs were both up more than 8% amid reports that European regulators will relax the way they calculate banks' leverage ratios. Harley-Davidson (NYSE:HOG) (NYSE:HOG) stock rose 6.6% after the motorcycle maker cut its dividend and suspended buybacks to preserve cash amid a pandemic-driven slump in sales. The company, which has $1.47 billion in cash, said it was in talks with big U.S. banks to get an additional $1.30 billion in loan to ride out the crisis.



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