What's moving markets today
Add 3M (MMM) to the growing list of companies warning of weaker-than-expected 2019.
The manufacturing conglomerate expects this year's earnings to come in 15 cents per share below its previous outlook, sinking from a range of $10.60 - $11.05 to the range of $10.45 - $10.90 per share.
Still, 3M's CEO said in a release the company is "positioned for a successful 2019."
Its fourth-quarter earnings also fell just short of analysts' expectations.
Shares are down more than 2% in premarket trading.
The stock is down nearly 5% in premarket trading.
California's largest power company said in a statement Tuesday that it had submitted a Chapter 11 bankruptcy filing in the Northern District of California.
PG&E has been linked to a series of wildfires in California, including the Camp Fire, which caused 86 deaths and destroyed 14,000 homes, along with more than 500 businesses and 4,300 other buildings.
It announced earlier this month that it intended to file for bankruptcy, but had to wait a 15-day period required by law.
The company needs to use the bankruptcy process — which will allow it to shed some of its debt — to pay for damages and stay in business.
PG&E said Tuesday it was seeking approval for a $5.5 billion debtor-in-possession financing agreement.
Apple (AAPL) will release earnings results after the bell.
The report comes less than a month after the company issued a rare warning, saying it would miss its revenue target for the final quarter of 2018 because of weak iPhone sales. It blamed an economic slowdown in China.
The announcement shook investors, reigniting fears that even corporate giants may be weighed down by broader challenges in the global economy.
Analysts expect Apple to report earnings per share of $4.17 on revenue of $84 billion, in line with the company's updated sales forecast, but well below the $88.3 billion it posted in the same quarter a year ago.
Investors will also be scrutinizing Apple's forecast for the upcoming quarter for signs of pain ahead.
US stock futures are pointing lower.
We're expecting lots of earnings today:
And take a quick look at what investors are watching:
- Shares in Norwegian Air dropped 14% after the carrier announced it will issue 3 billion Norwegian crowns ($353 million) worth of shares to "strengthen its balance sheet." The discount airline said its preliminary results showed a loss of 3.8 billion Norwegian crowns ($447 billion) in 2018.
- Nvidia (NVDA) stock plunged 14% on Monday after the tech firm slashed its fourth-quarter sales guidance on deteriorating growth, especially in China.