Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
AHEAD OF THE TAPE: Bellwether Blues
Summary: 3M and United Parcel Service have seen sharp stock falls recently on profit warnings (3M) and poor results and outlook (both companies). 3M and UPS are highly exposed to gyrations in the world economy, a fact investors may have forgotten amidst steady growth in their core businesses over the past few years. The damage suffered by these two stocks may indicate a more general recognition on the part of investors that the world economy is more risky than it has been for some time.
Comment on related stocks/ETFs: Analysts from Birinyi illustrate that UPS is now more oversold than it's ever been, and that 3M is one of the worst-performing Dow components this year.