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McDonald's hits new high, Caterpillar plows ahead, Coca-Cola to cut jobs, Tyson buys sandwich supplier

Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today. Several Dow components released earnings.

McDonald’s (MCD) stock hit a fresh high in early trading. The fast-food giant posted earnings and revenue that topped analysts’ estimates for the first quarter as it lured more customers to its stores through promotions and the expansion of its all-day breakfast menu. Same store sales in its US market rose 1.7%, while global same store sales rose 4%.

Caterpillar (CAT) also forked over better-than-expected earnings and revenue. Adjusted profit came in at $1.28 a share. That was more than double what analysts were expecting. The maker of farm and other industrial equipment also raised its forecast for the year as it saw a recovery in some key markets.

Coca-Cola (KO) delivered earnings that came in a penny shy of estimates due partially to higher costs related to the re-franchising of its bottling operations in North America. And even though revenue topped estimates, sales fell 11.6% from a year ago to $9.12 billion. The beverage maker said it would cut 1,200 jobs later this year as it looks for more ways to cut costs.

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3M (MMM) reported a beat on both its top and bottom lines for the quarter. Revenue rose nearly 4% from year ago thanks to renewed strength in Latin America and Asia. The maker of Scotch Tape and Post-It Notes also raised its outlook for the year.

We’re seeing more consolidation in the food aisle. Tyson Foods (TSN), the biggest US meat processor, said it’s buying sandwich supplier AdvancePierre Foods (APFH) for $3.2 billion in cash, or $40.25 a share. That’s about a 10% premium based on AdvancePierre Foods closing price on Monday.

Express Scripts (ESRX) shares were sharply lower in early trading after the nation’s largest pharmacy benefit manager said its biggest customer, Anthem (ANTM), will likely end its contract by the end of 2019. This comes after Anthem sued Express Scripts last year for overcharging.