Dow off more than 200 points after more earnings misses
NEW YORK — Stocks dropped sharply in early trading after more disappointing corporate earnings. This time it was chemical maker DuPont Co., whose third-quarter profit plunged.
Major U.S. stock indexes were off more than 1%. The Dow Jones industrial average lost 211 points, or 1.6%, to 13,130 shortly after the opening bell.
The broader Standard & Poor’s 500 index slid 18 points, or 1.3%, to 1,416. The Nasdaq was down 26 points, or 0.8%, to 2,992.
DuPont’s profit fell to $10 million, or 1 cent a share, in the third quarter, down from $452 million, or 48 cents, from the same period a year ago.
DuPont said it would cut 1,500 positions over the next year and a half.
The company’s stock lost $3.88, or 8%, to $45.88 in early trading.
ALSO:Stocks mixed as Caterpillar outlook dims
Why gas prices are still high [Google+ Hangout]
Los Angeles metro area home prices predicted to keep rising
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
