Markets Right Now: Stocks move lower in midday trading

Screen Shot 2018 04 24

The telecommunications gear maker says it is selling itself to an investor group led by Searchlight Capital Partners for about $2-billion.

EARNINGS: South Korea's Samsung Electronics reported its net income grew 52 percent in the first quarter on robust demand for its memory chips.

The TSX posted 10 new 52-week highs and five new lows.

US stocks tumbled on Tuesday as surging bond yields and disappointing outlooks from Caterpillar and 3M sent investors stampeding out of equities.

"Fears of "peak earnings" are laughable considering that the average constituent in the S&P 500 has enjoyed year-over-year bottom line growth in excess of 20%", Klein wrote in a note.

The S&P 500 index skidded 35.73 points, or 1.3 percent, to 2,634.56. The investors sell American government securities because of expectations of rising inflation. "However, with United States 10-year treasury yields topping 3% for the first time since 2014, fears have been stoked over whether we will see investors shift assets out of stocks and into bonds". Southeast Asian shares were also mostly lower.

Even after the sharp drops Tuesday, two FANG stocks are tracking up this year.

Technology stocks slid along with their industrial counterparts.

Russia Says Will Deliver New Air Defense Systems To Syria Soon
The airbase, which is just one of two operated by Russian Federation in Syria , is located in the coastal city of Jableh. Russian Federation had originally agreed to sell the system to Syria in 2010, but scrapped the plan at Israel's behest.

3M said raw materials costs are rising, especially for materials derived from crude oil, whose price has been rising, and transportation and logistics expenses are rising as well.

Diversified industrial manufacturer 3M was the biggest drag on the Dow Jones Industrial Average.

Despite the positive quarterly report, the shares of M3 fell by 6.83% after the corporation downgraded its annual profit forecast.

"We're seeing some of the earnings numbers have come out, and after further review, (investors) realized where all this revenue was coming from", said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

"I think what investors had hoped the benefit from taxes would get redeployed back into the company".

However, as more companies report earnings over the next few weeks, things could change, said Kate Warne, principal investment strategist at Edward Jones. Apple, Netflix and Facebook all closed down from Monday. Management also raised its full-year earnings guidance to well above consensus targets. Analysts estimate 21.1 per cent growth in earnings for the quarter, according to Thomson Reuters data.

Comcast Corporation (NASDAQ:CMCSA) said it has offered a almost $31 billion cash bid for United Kingdom -based pay-TV firm Sky, with the latter now recommending it terminate an agreement for a lower takeover offer from Rupert Murdoch's Twenty-First Century Fox Inc (NASDAQ:FOXA). Natural gas rose 1.5 percent to $2.78 per 1,000 cubic feet.

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