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The International Monetary Fund predicted Tuesday that a recession in Europe, exacerbated by the debt crisis there, will slow the global economy this year. Europe's recession should have a modest impact on the United States. The IMF forecasts global growth of 3.25 percent this year, slower than the 4 percent pace it projected in September. In U.S. news, disappointing earnings reports added to investors' concerns. Kimberly-Clark Corp., which makes Kleenex tissues, Huggies diapers and a number of other household goods, said rising costs pushed its net income down 19 percent in the fourth quarter. The stock fell 1.7 percent. Chemical maker DuPont Co. said its fourth-quarter net income dipped as lower sales and higher costs overshadowed higher prices. The results still beat analysts' expectations, and the stock was flat. Coal producer Peabody Energy Corp. fell 1.7 percent after its forecast for the first quarter fell well short of expectations. Leading the pack of companies trading higher after reporting earnings, bag and accessories maker Coach Inc. gained 5.8 percent after quarterly net income rose almost 15 percent because of stronger holiday sales. Among other stocks making large moves: Zions Bancorporation fell 7.5 percent, the most of any stock in the S&P 500, after the Salt Lake City bank reported income that fell far short of Wall Street's expectations. At least one analyst downgraded the stock. Hard disk drive maker Western Digital
Corp. was one of the top gainers in the S&P after reporting that
its results handily beat Wall Street's expectations. The stock
jumped 6.3 percent.
[Associated
Press;
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