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Investors were focusing on midday trading as several companies made headlines. 3M was up 5.5% after releasing an earnings report that surpassed expectations, as revenue of $7.99 billion exceeded estimates of $7.87 billion, and the company raised its full-year earnings guidance and reaffirmed its revenue guidance. Spotify took a dive of 14% due to weaker-than-expected revenue and guidance. Alaska Air, however, beat estimates on top and bottom lines for the second quarter, yet its shares shed 12%. RTX fell more than 12% after disclosing an issue with Pratt & Whitney engines, but its second-quarter earnings beat Wall Street expectations. F5 was up 5.7% after posting a better-than-expected top and bottom line for its fiscal third quarter, while NXP Semiconductors surged 4% with its quarterly earnings announcement, topping analysts' forecasts. Shares of General Electric rocketed to a 52-week high of more than 5%, as the industrial giant posted stronger-than-expected earnings for the second quarter and boosted its full-year profit guidance. Whirlpool's stock slid more than 3% after reporting weaker-than-expected revenue, though it beat on earnings expectations. Biogen declined 3.8% with its second-quarter earnings announcement. Progressive slipped nearly 2% following a Morgan Stanley downgrade to underweight from equal weight, and MSCI gained 9% with its second-quarter earnings and revenue coming above analysts' estimates. General Motors saw its stock dip about 4.5% with a surprise charge and UPS rose about 1% after the Teamsters union announced a tentative labor deal. Invesco and Xerox were headed in opposite directions, with the former falling 5% and the latter soaring 7%, as the former posted weaker-than-expected earnings and the latter raised its full-year operating margin and free cash flow guidance. Packaging Corp of America skyrocketed more than 10%, hitting a new 52-week high, in the wake of its second-quarter earnings beat, and Zscaler was up 4.5% after a BTIG upgrade to buy from neutral. Finally, Sherwin-Williams posted record revenue of $6.24 billion, surpassing analysts' estimates of $6.03 billion, and its shares rose more than 3%.
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