Filed under: Major movement, Earnings reports, Forecasts
Most stocks are being dragged down again today after the news that JP Morgan Chase & Co. (NYSE: JPM) would buy rival Bear Stearns Cos. (NYSE: BSC) to avoid a bankruptcy stirred new worries over the tumbling economy. Siemens AG (NYSE: SI) is joining the market anxiety after issuing a warning related to its earnings.
Europe’s largest engineering group announced it expects earnings from the current quarter to drop by about 900 million euros ($1.4 billion). The company cited weak performance for its major business projects, dragged down by delays and order cancellations. Siemens reviewed major projects, focusing on its energy, transportation and IT solutions and services divisions.
The German conglomerate said that “the deterioration of these legacy projects” resulted in losses of 900 million euro, with 600 million euros brought by the power division, 200 million euros by the transport business and 100 million euros by the IT unit.
Continue reading Siemens (SI) slashes earnings outlook
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