Wednesday, 24 October 2012
FKLI Related News
NEW YORK (Reuters) - Stocks fell on Tuesday, driving the Dow industrials to the biggest drop since June 21, as weak results from index members DuPont and United Technologies showed profit growth is slowing. DuPont's stock lost 9.1 percent to $45.25 after the chemical company reported lower-than-expected quarterly profit and announced 1,500 job cuts. The stock was responsible for a 33-point drag on the Dow, which ended down more than 240 points.
The S&P materials sector index (REU:^GSPMI) fell 3 percent, largely because of DuPont. Outlooks have been weak as well. DuPont, United Technologies and 3M Co (MMM) all cut their outlooks on Tuesday. Shares of elevator and air conditioner manufacturer United Technologies were down 1 percent at $77.07 while 3M shares were down 4.1 percent at $88.73. The Dow Jones industrial average (^DJI) slid 243.36 points, or 1.82 percent, to close at 13,102.53. The Standard & Poor's 500 Index (^GSPC) fell 20.71 points, or 1.44 percent, to 1,413.11. The Nasdaq Composite Index (^IXIC) dropped 26.49 points, or 0.88 percent, to end at 2,990.46.
After the bell, shares of Facebook (FB.O) shot up 8.6 percent to $21.18 as the world's No. 1 online social network company posted a 32 percent jump in third-quarter revenue. Facebook ended the regular session at $19.50, up 0.9 percent. Shares of Netflix (NFLX.O) lost 16.5 percent to $57 after the bell after it reported subscriber additions at the lower end of its forecast for the U.S. TV and movie streaming business. Netflix ended regular trading at $68.22, up 0.5 percent. Overall earnings for S&P 500 companies are expected to fall 2.5 percent in the third quarter from a year ago, Thomson Reuters data showed.
In a development reviving investors' worry about Europe, Moody's downgraded five key Spanish regions by one or two notches late on Monday, citing their limited cash reserves and forthcoming bond repayments.