Dow falls most since June amid disappointing earnings

1,500 Jobs

DuPont retreated 8.6 percent, the most in the Dow, to $45.48. The company said it will eliminate about 1,500 jobs after posting a smaller third-quarter profit than analysts estimated on falling demand for paint pigment.

Xerox fell 5.4 percent to $6.65. The company has said it faces weaker-than-expected demand in Europe amid economic turmoil and competitive pricing. Investors have been looking for increased profitability in services, where the company is making up for declining printing revenue with contracts such as automating payments for governments or processing claims for insurers.

Commodity companies had the biggest losses in the S&P 500 among 10 industry groups. Freeport-McMoRan declined 3.6 percent to $39.13. Halliburton dropped 3 percent to $33.53.

The Standard & Poor’s GSCI spot gauge of 24 raw materials fell for a third consecutive session, dropping 1.3 percent today. It first erased gains for the year in May and the last time it happened was in July. The last annual drop was in 2008.

Refiners Slump

Refiners including Tesoro Corp. and Valero Energy Corp. fell more than 3.2 percent on speculation by Deutsche Bank that a win by Republican presidential candidate Mitt Romney may threaten restrictions on U.S. crude exports. Tesoro fell 4.3 percent to $36.48. Valero dropped 3.2 percent to $28.52.

“We believe a Mitt Romney election win -- broadly supported by the refining industry -- could in fact threaten the crude export ban,” Paul Sankey, a Deutsche Bank energy analyst based in New York, wrote today in a note to investors.

Apple Inc. slid 1.7 percent to $623.47, after surging 4 percent yesterday. Chief Executive Officer Tim Cook introduced a smaller version of the iPad designed to keep customers from buying low-cost tablets from competitors Microsoft Corp., Amazon.com Inc. and Google Inc.

Apple, the most valuable company, unveiled the iPad at an event today in San Jose, California. The device boasts a 7.9- inch screen diagonally, compared with the 9.7-inch screen of the current iPad. It is priced starting at $329.

<< Page 2 of 3 >>

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome