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The company is forecasting second quarter per-share earnings of 64 to 68 cents on revenue growth between just 2% and 4%.
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Starbucks fell 9.42 percent after forecasting fourth-quarter profit that missed estimates.
Analysts had been forecasting third-quarter earnings equivalent to 0.13 euro a share.
Sears, Roebuck, the largest department store chain, bucked the trend by forecasting first-quarter profit far below Wall Street estimates.
Respondents are forecasting second-half CY 2015 IT Services spending to grow 5.4% compared to first-half CY2015.
The company is still forecasting second-quarter earnings per share of 30 cents to 32 cents on revenue of $640 million to $670 million.
The disappointing news from 3M and McDonald's overshadowed optimism late Monday from FedEx Corp, which gained 2.8% to $90.00, after forecasting second-quarter earnings would easily beat analysts' estimates.
"The increase in first-quarter earnings resulted from strong contributions from international end markets tempered by slowing growth or declining activity in a number of North American end markets," says Kennedy. "Looking ahead, the company is forecasting second-quarter earnings per share range of 86 cents to 90 cents and a full-year range of $3.27 to $3.39," he says.
His firm is now forecasting fourth-quarter Standard & Poor's 500 growth of 4%–a rather dramatic revision from its mid-2000 consensus forecast for the fourth quarter of 16%.
EBay is forecasting first-quarter sales of $150 million, and fiscal 2001 sales of $665 million, as it completes its purchase of Internet Auction.
Qualcomm is now forecasting third-quarter earnings of 21 cents per share, and revised its fiscal 2001 estimate to $1.05 per share.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com