I'm still listening to the live call, but bottom line DD is cutting about 2500 jobs and now expects to report an adjusted loss of 20 cents to 30 cents a share, compared to its prior prediction of a gain in the range of 30 cents to 35 cents a share. Analysts have been looking for a profit of 27 cents/share. Management talked about the challenging environment on almost all fronts, and the "wave of actions" they are taking to deal with it going forward. A detailed plan can be found in the investor presentation from the call located at:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=73320&eventID=2038744
under "supplementary data"
shares are about flat appx a half hour after the announcement
Our position in DD is down almost 55%...the future of it in our portfolio will be discussed in tonight's meeting. I ask that everyone take a look at that presentation and a summary article located at:
http://www.marketwatch.com/news/story/dupont-cuts-outlook-workforce-economic/story.aspx?guid=%7BDFA3BAA8%2D3CEF%2D48AD%2D90C4%2DE2AA7E3B649E%7D&siteid=yhoof
-Ed Warner
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