STOCK MARKET IS CRASHING: DuPont Bottom Line Is Lower By 98%, UPS’s Earning Fell by 56%, Bank Of Canada Is About To Withdraw Monetary Stimulus, And BERNANKE Is Leaving The Fed!!
October 23rd, 2012
MARKETS ARE CRATERING — Earnings Coming In Ugly
13,179.40 -166.49 (-1.25%)
1,416.99 -16.83 (-1.17%)
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.