US multinational companies are dealing with an increasingly big headache when it comes to sales and profits: currencies.» Read More
Dutch office supplies firm Corporate Express said Tuesday it was not in talks to be bought by U.S. rival Staples, denying a newspaper report and halving a sharp rise in its shares.
A late-day selloff pushed the major stock averages down 10% from their highs, meaning the market is now officially in a correction.
Newell Rubbermaid cut its fourth-quarter and full-year sales forecasts Monday, citing softer demand for office products and subsequent inventory reductions at key retailers.
Stocks closed moderately lower as traders remained cautious ahead of the most anticipated Federal Reserve meeting in years. "It's been sort of a nervous Monday," said Bob Nunn, chief operating officer at Cohen Specialists. "The market wants to see a 50 basis-point cut and comments that we could see cuts in the future. I suspect we're setting ourselves up for a bit of a disappointment."
Newell Rubbermaid raised its full-year and current-quarter earnings guidance Monday, after it resolved some tax matters that resulted in a benefit of about $39 million, or 14 cents a share in the current quarter.