S&P 500 Profit Beats Draw Worst Stock Price Reaction on Record

While it’s still early days, data compiled by Bloomberg Intelligence show about 81% of S&P 500 firms have beaten fourth-quarter profit expectations so far. Among the stocks that underwhelmed, 3M Co.’s shares fell 7% on Tuesday even as the company topped profit estimates, with investors focusing instead on a glum forecast. State Street Corp. dropped 6.1% as a dimmer net interest income outlook overshadowed better-than-expected quarterly results.