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Stock Market Is Crashing: DuPont Bottom Line Is Lower By 98%, UPSs Earning Fell By 56%, Bank Of Canada Is About To Withdraw Monetary Stimulus, And BERNANKE Is Leaving The Fed!!
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13,179.40 | -166.49 | (-1.25%) | |
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1,416.99 | -16.83 | (-1.17%) | |
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2,984.15 | -32.81 | (-1.09%) |
You can get a full roundup of what’s happening in markets this morning here, but the basic gist is: Markets tumbling everywhere, lots of weak earnings.
First, the markets: Dow futures are off about 130 155, and the major indices are all down a little over 1%.
It’s ugly in Europe as well. Germany is down 1.4%. Spain is down 1.1%. Italy is down 1%.
As for the micro, there are lots of ugly earnings this morning.
Dow Component DuPont is down 6% after a big whiff. 3M also cut its outlook. The stock
is also off a few percent. There were also ugly reports in the UK, as luxury goods maker Mulberry announced an earnings warnings.
DuPont net falls 98%; Unveils revamp, layoffs
DuPont Co.’s third-quarter earnings fell 98% as the diversified U.S. manufacturer saw its revenue fall and was hit by large, one-time charges.
Shares fell 3.5% to $48 in light premarket trading as results missed Wall Street expectations.
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On Tuesday, Chief Executive Ellen Kullman said, “Weaker-than-expected demand in titanium-dioxide and photovoltaic markets contributed to the decline from last year’s record third-quarter earnings. We are addressing these challenges now to position ourselves for improved performance.”
DuPont’s results have suffered of late from lower volume and currency headwinds, although sales in its key agricultural segment have seen recent improvements.
United Parcel Service Inc.’s third-quarter earnings fell 56% on pension-restructuring charges as the package delivery company’s revenue missed consensus estimates and margins shrank.
“Our results were achieved in an environment of slowing global trade and changing market dynamics,” said Chairman and Chief Executive Scott Davis. “This not only highlights the flexibility of our business model; it illustrates the breadth of the UPS product portfolio in meeting the needs of customers.”
OK, it’s only about 3 years too late to pull out of the stock market. Next . . .
Bernanke leaving the Fed? It is customary for rats to flee a sinking ship lest they too go down with it to the murky bottom.
So I was thinking that Du Pont was making the world better with plastic,and they were really trying to sell more white paint and disposable batteries?Arrgh … that Du Pont!
It only gets bitter from here…
maybe I should invest in bayonets……