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This was written by CNBC producer, Robert Hum
"The Dow is on pace for its worst month since October."
Sound familiar? That’s what was said at the end of January. While January was bad, February is turning out to be worst. Down over 10 percent in the month of February, the Dow is once again headed for its worst month since October.
Earnings After the Bell
In an ugly earnings report, Dell [DELL
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] showed that Q4 profits fell 48 percent from a year ago, as the company’s bottom line was hurt by poor sales and decreasing margins. Revenues dropped 16 percent as shipments fell sharply as a result of lower IT spending during the current economic slowdown.
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The company also announced that it seeks to cut $4 billion in costs over the next 3 years, instead of the $3 billion it had previously announced last year. In its outlook, the company said it expects "global IT end-user demand will continue to be uncertain and challenging."
Dell is trading down about 1 percent after hours.
Poor spending is also continues to be a concern amongst retailers. Although Q4 earnings for Kohls [KSS
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] beat analysts’ estimates, the department store provided a very grim outlook for the current quarter and the year - during which same-store sales are expected to fall between 5 percent and 8 percent. The company sees Q1 earnings coming in between 27 cents and 34 cents, below the consensus forecast of 35 cents.
For 2009, Kohl’s guides its EPS between $2.00 and $2.30 – far below the street’s estimate of $2.40. In after hours trading, shares of Kohl’s are down 5 percent.
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