U.S. Movers: 3M, Coinbase, Dollar Tree, Intel, Petco

Scott Peters
13 Mar, 2024
New York City

Benchmark indexes rested after the S&P500 index closed at a new record high in the previous session. 

The S&P 500 index decreased 0.1% to 5,170.25, and the Nasdaq Composite fell 0.5% to 16,180.22. 

The yield on 2-year Treasury notes increased to 4.53%, 10-year Treasury notes inched up to 4.09%, and 30-year Treasury bonds edged down to 4.26%.

Coinbase declined 1.7% to $251.90 after the company announced its plans to raise $1 billion through a convertible bond offering. 

Petco Health & Wellness advanced 5% to $2.69 after the pet food retailer reported better-than-expected financial results in the fiscal fourth quarter. 

Dollar Tree dropped 13% to $136.0 after the deep discount retailer reported weaker-than-expected quarterly results. 

The retailer also announced plans to close 1,000 underperforming stores. 

Intel declined 1.1% to $44.71 after reports suggested the company is likely to get less-than-expected federal funding. 

The U.S. Department of Defense has scrapped a $2.5 billion grant to the chip giant and asked the U.S. Commerce Department to shoulder the entire $3.5 billion in proposed funding for the company. 

The news was first reported by Bloomberg News but could not be verified by Ticker.com. 

3M Company increased 3.8% to $44.71 after the diversified conglomerate revised its earnings per share outlook to as high as $2.20 from the previous range between $2.0 and $2.15. 

The company attributed the increase in earnings to higher interest payments from debt transactions related to the spinoff of its healthcare division. 

The company is set to spin off its healthcare division, Solventum, on April 1. 

The company also announced Bill Brown as its new chief executive, starting May 1. 

The former chief executive of L3 Harris Technologies will replace current chief Mike Roman, who will remain executive chairman of the board.