FMC Corp. shares dropped in the extended session Monday after the chemical company lowered its outlook and announced layoffs because of a rapid devaluation of the Brazilian real. FMC shares fell 11% to $33.25. The company forecast earnings of 38 cents a share for the third quarter, and $2.35 to $2.45 a share for the year. Analysts surveyed by FactSet had estimated 64 cents a share for the third quarter, and $3.03 a share for the year. FMC said it expects to cut 800 to 850 jobs. The company has about 7,000 employees.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News