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KiplingerSep 23, 2020
Stock Market Today: Stocks Step Back Amid Economic Gloom
Stocks tumbled Wednesday, weighed down by some downbeat economic data and the stalemate in Congress over additional fiscal stimulus. On the economics front, a report from IHS Markit showed the recovery in U.S. business activity slowed last month, raising fears that the economy is decelerating as it approaches the end of the third quarter. Meanwhile, the impasse in D.C. over a second round of financial help for businesses and the unemployed continued to hurt investor sentiment. The blue-chip Dow Jones Industrial Average finished the session down 1.9%, or 525 points, at 26,763.

SEE MORE 13 Best Warren Buffett Growth Stocks Although stocks gave up early gains on Wednesday morning following disappointing business activity data, strategists noted that the landscape wasn't totally bereft of good news. "On the positive side, Nike posted strong fiscal first-quarter earnings, driven by more than 80% growth in digital sales," writes Argus Research. "Johnson & Johnson also announced the start of a Phase 3 trial of its single-dose coronavirus vaccine candidate."

Other action in the stock market today:

The Nasdaq Composite lost 3%.The S&P 500 fell 2.4% The small-cap Russell 2000 declined 2.9%. Tesla's (TSLA) long-awaited "Battery Day" landed with a thud. The electric vehicle company touted a cheaper, more efficient battery that would lower car prices, but ultimately the Street responded by selling the news. "Tesla's battery day was long on vision and boldness, but short on specifics and near term deliverables," wrote Bernstein Research. Shares in


Yahoo BusinessSep 23, 2020
3M Looks To Sell Food Safety Business For $3.5B: Bloomberg
3M Co (NYSE: MMM) is exploring a sale of its food safety business division for $3.5 billion, reports Bloomberg.What Happened: The post-it notes manufacturer's food safety division makes test kits for food makers to monitor sanitation and allergens. The company could rake in $3.5 billion by selling its business to raise cash as pandemic has hit the food and restaurant industry.3M could still opt to retain its business as a final decision has not been made, according to Bloomberg.Why It Matters: Coronavirus has sent ripples across industries and 3M is no exception. As the company grapples with the grim business situation, raising cash during the pandemic helps it stabilize.3M reported a 12.2% decline in second-quarter revenue and the company didn't provide guidance as the full impact of the pandemic was not known.Earlier this month, 3M issued guidance for third-quarter revenue of $8.2 billion to $8.3 billion, in-line with analyst expectations.Credit Suisse has maintained an Outperform rating on 3M with a price target of $197 on Sep. 16.Benzinga's Take: The food safety business generated $341 million in revenue last year -- representing approximately 5% of the overall health care unit, according to Bloomberg. In such a scenario, parting away with the small portion of revenue to raise cash makes sense for 3M.Price Action: 3M shares closed 0.61% higher to $162.34 on Tuesday. The stock is down 8% year-to-date lagging behind the S&P Industrial index, which is down 5.8%.See more from Benzinga * KKR Gets A Piece Of India's Retail Wit
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