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GM heads in reverse; Facebook shares hit record high; Caterpillar sales disappoint

Hot Stock Minute

Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.

General Motors (GM) shares fell in early trading after the automaker missed earnings by a penny and revenue fell short by about a billion dollars. Profit fell more than 80% due to the costs related to the long list of recalls this year. The company took $1.5 billion in charges related to those recalls and is setting up a victims' compensation fund for accidents related to faulty ignition switches.

On the flipside, Ford (F) shares rose in early trading. The automaker reported second quarter earnings that beat expectations driven by a record profits in North America, strong results in Asia and its first profit in Europe in three years. Earnings came in $0.04 above estimates at $0.40 a share. However revenue came in below estimates, down more than 1% from a year ago.

Facebook (FB) shares rose to a record high in early trading. The social networking giant reported profits more than doubled from a year ago thanks to a surge in mobile ads, which accounted for about 62% percent of its ad revenue in the second quarter. Revenue topped estimates, rising 61% to nearly $3 billion. Earnings also blew past estimates, coming in at $0.42 a share.

AT&T (T) shares were lower before the bell. The mobile provider was able to attract more customers in the second quarter as it offered cheaper plans to compete with rivals. That helped boost subscriber growth to the highest level in five years. However, the more competitive data plans cut into margins. Earnings and revenue both missed estimates, and profits fell 7.2% from a year earlier.

Caterpillar (CAT) shares were down in the pre-market. The world's largest maker of heavy machinery reported earnings of $1.69 a share, blowing past analysts' estimates. However, revenue fell short of expectations. The company said sales in mining equipment have shown weakness, while construction machinery sales have shown moderate growth. It also lowered its sales outlook for the year, citing uncertain global growth picture. On the other hand, it raised profit outlook for the year, as it expects lower restructuring costs.

3M (MMM) shares were up in early trading. The maker of such brands as Scotch tape and Post-it Notes reported earnings that matched analysts' estimates. Revenue came in slightly better than expectations.

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