NEW YORK (AP) — A grim profit report and forecast from manufacturing conglomerate 3M Co. is pulling stocks lower in early trading. The Dow Jones industrial average fell 130 points.
Netflix Inc. plummeted 37 percent after reporting that 800,000 customers left after the company raised prices in July.
3M, the maker of Post-Its and Scotch tape, said its third-quarter earnings fell 2 percent. It also expects growth to remain slow through the year and it cut its 2011 earnings forecast. 3M slumped 6.8 percent, the most among the 30 stocks in the Dow average.
Ten minutes after the opening bell Tuesday, the Dow was down 129 points, or 1.1 percent, at 11,782.
The S&P 500 fell 16, or 1.3 percent, to 1,237. The Nasdaq fell 36, or 1.3 percent, to 2,663.