Investors Unload Chemical Stocks after Du Pont Earnings Miss, FY Forecast

By Staff,

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Du Pont ( DD ) is down 9% to $45.30 after the chemical maker reported Q3 earnings and sales below estimates, lowered its FY12 EPS guidance below estimates, and said that it will cut 1,500 jobs in the next 12-18 months. The news contributed to a corporate earnings-induced sell-off on Wall Street and sent shares of other chemical companies sliding into the red.

Dow Chemical ( DOW ) is down 3.4% to $28.74.

Huntsman Chemical ( HUN ) sliding 6% to $14.73.

Akzoy Nobel ( AKZOY ) down 4.8% to $17.61.

Eastman Chemical ( EMN ) down 3% to $54.53.

Monstanto Company (MON) down 2.1% to $87.

DD reported Q3 EPS of $0.44 vs. analyst consensus of $0.49. Revenues were $7.39 bln, vs. the analyst estimate of $8.17 bln. The company lowered its FY12 EPS guidance to $3.25 - $3.30 vs. the prior outlook of the low end of $4.20 - $4.40. Analysts are looking for $3.99 in EPS.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: AKZOY , DD , DOW , EMN , HUN

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