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...there was
excited talk from highly-paid Wall Street "strategists" about a
U.S. "decoupling"?
"Adobe
Cuts FY Rev Outlook on Weak Europe Demand" (Reuters)
Adobe Systems Inc (ADBE.O), maker of Photoshop and Acrobat software,
reported a modest fall in quarterly net income, and cut its full-year revenue
outlook to reflect weaker demand in Europe.
"P&G
Cuts Forecasts as Sales Growth Slows in Europe, U.S." (Bloomberg)
Procter &
Gamble Co. (PG), the world’s largest consumer-goods company, cut its
earnings and revenue forecasts for the second time in less than two months as
slowing economies in Europe and the U.S. weigh on sales growth.
"FedEx
Posts Lower Profit; Outlook Falls Below Wall St. Forecasts" (Los Angles Times)
FedEx predicts
earnings for its fiscal year will be hurt by slow global economic growth. The
shipping giant posts a drop in fiscal fourth-quarter profit despite an
increase in revenue.
FedEx Corp.
said Tuesday that slow global economic growth would crimp its earnings over
the next 12 months. The company vowed to make significant cost cuts to
counter any drop in package shipments as it reported lower fiscal
fourth-quarter profit.
The world's
second-largest package delivery company is closely watched for signs about
the health of the economy. It forecast moderate growth for the U.S. and
global economies, citing the debt crisis in Europe and slowing growth in
Asia.
"Actuant Shares Fall on Wary Outlook" (Fox
Business)
Fueled by new
acquisitions that helped offset some of the turbulence in Europe, Actuant revealed on Wednesday a better-than-expected
third-quarter profit.
However, the
company expressed worries about macroeconomic conditions in Europe and China
that could weigh on earnings over the next two years, sending its shares down
more than 4.75% early in the session
"U.S.
CEOs View of Economy Dims in Quarter: Roundtable" (Reuters)
U.S. chief
executives' view of the economy dimmed in the second quarter, with fewer
expecting to grow sales or add workers than three months earlier, according
to a survey by the Business Roundtable released on Wednesday.
The group's CEO
Economic Outlook Index fell to 89.1 in the second quarter, down from 96.9 in
the first quarter but still well over the 50 mark that separates growth from
decline. The drop reflected increasing worry in corporate America that
Europe's economic troubles could take a toll on sales.
Can somebody
please shut those guys up before their clients lose all their money?
Michael J. Panzner
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