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


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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.

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This article appears in: Investing , Commodities
More Headlines for: AKZOY , DD , DOW , EMN , HUN

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