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Top Midday Stories: 3M Shares Rise on Strong Guidance; Novo Nordisk Sues Eli Lilly Over GLP-1 Advertising
All three major US stock indexes were up in late-morning trading Tuesday, as investors focused on some strong corporate earnings reports.In company news, 3M (MMM) reported Q2 adjusted earnings Tuesday of $2.40 per share, up from $2.16 a year earlier and above the FactSet consensus analyst estimate of $2.25. Second-quarter revenue was $6.5 billion, up from $6.34 billion a year ago and above the FactSet consensus of $6.40 billion. For fiscal 2026, the company expects adjusted EPS of $$8.80 to $8.95, up from its previous outlook of $8.50 to $8.70 and above the FactSet consensus of $8.74. 3M shares were up 8.7% around midday.Novo Nordisk (NVO) said Tuesday it filed a lawsuit against Eli Lilly (LLY) in the US District Court for the District of New Jersey alleging the drugmaker's advertising for Zepbound and Mounjaro violates federal and state false advertising and unfair competition laws. Novo shares were down 0.3%, while Lilly shares were up 1.3%.Utz Brands (UTZ) has entered into a definitive agreement through which Intersnack Group will acquire all of its outstanding common stock for $14.25 per share in cash and take it private, the companies said Tuesday. The price represents an enterprise value of about $2.9 billion and a 91% premium over Utz's closing price on July 20, the companies said. The deal is expected to close in Q4, subject to regulatory and other conditions, they said. Utz shares were up 89.5%.Danaher (DHR) reported Q2 adjusted net earnings Tuesday of $1.94 per diluted share, up from $1.80 a year earlier and above the FactSet consensus of $1.84. Second-quarter sales were $6.27 billion, up from $5.94 billion a year ago and above the FactSet consensus of $6.11 billion. For full-year 2026, the company raised its adjusted diluted EPS guidance to $8.45 to $8.60 from $8.35 to $8.55. Analysts polled by FactSet expect $8.45. Danaher shares were down $14.1%.General Motors (GM) reported Q2 adjusted diluted EPS Tuesday of $3.57, up from $2.53 a year earlier and above the FactSet consensus of $3.19. Second-quarter revenue was $48.03 billion, up from $47.12 billion a year ago and above the FactSet consensus of $47.01 billion. For 2026, the company expects adjusted EPS of $12 to $14, compared with the FactSet consensus of $12.97. GM shares were up 4.0%.MSCI (MSCI) reported Q2 adjusted EPS of $4.94, up from $4.17 a year earlier but below the FactSet consensus of $4.99. Second-quarter operating revenue was $867 million, up from $772.7 million a year ago but below the FactSet consensus of $870.7 million. MSCI shares were down 8.7%.Price: $49.45, Change: $-0.16, Percent Change: -0.33%
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