Stocks: 3M and Halliburton move on earnings, AMD falls after downgrade
Yahoo Finance's Ines Ferré breaks down stocks on the move in early afternoon trading.
RACHELLE AKUFFO: All right, now let's get to Yahoo Finance's Ines Ferré with some of today's biggest market movers. Hey, Ines.
INES FERRÉ: Hey Rachelle. And let's start with the Dow because we have been watching on the Dow. 3M down more than 5%. And this is after 3M reported its quarterly results with 3M. Disappointing when it comes to its profit outlook for 2023. It had an earnings miss. The company also announcing that it will be cutting about 2,500 manufacturing jobs.
Why is this company important? Well, this company makes everything from building materials to materials for the medical industry, even cleaning supplies. Right now, you're watching the stock that's lower after its quarterly results. I'm gonna pull up a year-to-date chart so you can see. It's down about 3% year-to-date.
Over on the NASDAQ 100, I'm keeping an eye out on one stock in particular here and that's AMD. Down more than 2 and 1/2%-- or down about 2 and 1/2%. This is after Bernstein cut AMD to market perform, cut its price target to $80 per share.
AMD will be announcing its quarterly results on January 31, next week. And the chip space has really been going through an interesting time, so to speak. You have had chip companies talking about falling prices when it comes to the chips.
And then taking a look at the sectors. I am keeping an eye on what's happening with the energy sector because we are seeing this lagging today. And particularly, one stock in particular that I am also keeping an eye on is Halliburton.
This is after it reported its results with Halliburton reporting a fourth-quarter profit beat, also raising its dividend by 33%. Again, today we are seeing energy stocks pull back a bit. They did very well last year. Year-to-date, XLE, by the way, is up about 2 and 1/2%, Rachelle.