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6A Daily News– Wednesday, October 24, 2012 Stocks sink as DuPont, Xerox, 3M scare investors NEW YORK (AP) — Nobody was expecting this round of corporate finan- cial reports to be great. But underwhelming results — particularly revenue, which offers a read on the econo- my — are still rattling investors. The Dow Jones industri- al average plunged Tues- day to its lowest level in nearly seven weeks. Big- name companies reported weak quarterly revenue and lowered their forecasts for the rest of the year. 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The decline was the Dow's third-steepest this year. sharply. The Standard & Poor's 500 index shed Other indexes also fell 20.71 points to 1,413.11, and the Nasdaq composite index lost 26.50 points to 2,990.46. The Nasdaq had- n't closed below 3,000 since Aug. 6. Companies of all stripes signaled that the economy is far from healed, and that demand is weaker than a year ago. Revenue fell compared with a year ago at DuPont, 3M, UPS and Xerox. Because of their global footprints and variety of products and services, those companies augur how the world economy is performing. investment officer at Exen- cial Wealth Advisors in Oklahoma City, didn't think it was just soft results driving the market's plunge Tuesday. Analysts were already expecting lower revenue, so the weak results aren't a total sur- prise. Companies have done better on profit: 67 percent have beat expectations so far, Butters said. But investors at the moment are more interested in revenue. Tim Courtney, chief Chemical maker DuPont said it will have to cut jobs and other expenses to make up for weak demand. 3M, which makes all manner of products including Scotch tape and coatings for LCD screens, cut its profit prediction for the year. Top Cowdog Competition October 27th UPS, the world's largest package-delivery company, warned that the pace of global growth remains uneven. And Xerox said the ''challenging econo- my'' is causing ''cost pres- sures for large enterprises and governments.'' • 10AM Tehama District Fairgrounds FREE ADMISSION Ten Dogs - Ten Handlers - One Amazing Event! Dynamic performances & high level competition The rest of the year isn't looking great, either. Since early July, 29 companies in the S&P 500 had updated predictions for fourth-quar- ter results, according to researchers at S&P Capital IQ. Of those, 23 lowered their forecasts, and six kept them roughly the same. 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And of 123 companies in the S&P 500 that had reported as of Monday, only 38 percent beat expectations on revenue, according to John Butters, senior earnings analyst at FactSet, a provider of financial data. That's far below the Courtney said, are just a symptom of a bigger prob- lem — a sputtering econo- my. ''They're using (earn- ings) as an excuse, but it's the broader issues that are driving it,'' Courtney said. ''What's going to happen with the election, what's going to happen with the fiscal cliff? Europe is already in recession — are we going to go, too? That fear is driving a lot of the selling right now.'' The so-called fiscal cliff is a combination of tax increases and government spending cuts that will take effect Jan. 1, and that could send the U.S. back into recession, unless Congress intervenes. The financial results, average of the past four years of about 56 percent. It's also the lowest propor- tion since the first quarter of 2009, when the stock market hit its lowest point of the Great Recession. DuPont, Xerox and 3M were among the worst-per- forming stocks in the S&P 500 on Tuesday. DuPont slid $4.51 to $45.25. Xerox lost 36 cents to $6.67. 3M slipped $3.80 to $88.73. The exception was UPS, which rose $2.17 to $73.73. Wear Pink and Enjoy the Ride !!!