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Dow off more than 200 points after more earnings misses

October 23, 2012|By Andrew Tangel
  • Tense times on the floor of the New York Stock Exchange.
Tense times on the floor of the New York Stock Exchange. (Scott Eells / Bloomberg )

NEW YORK — Stocks dropped sharply in early trading after more disappointing corporate earnings. This time it was chemical maker DuPont Co., whose third-quarter profit plunged.

Major U.S. stock indexes were off more than 1%. The Dow Jones industrial average lost 211 points, or 1.6%, to 13,130 shortly after the opening bell.

The broader Standard & Poor's 500 index slid 18 points, or 1.3%, to 1,416. The Nasdaq was down 26 points, or 0.8%, to 2,992.

DuPont's profit fell to $10 million, or 1 cent a share, in the third quarter, down from $452 million, or 48 cents,  from the same period a year ago.

DuPont said it would cut 1,500 positions over the next year and a half.

The company's stock lost $3.88, or 8%, to $45.88 in early trading.

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