(Bloomberg) -- Railroads, chemical producers and
insurance companies are blaming the worst U.S. housing slump in 16
years for their earnings woes.
Burlington Northern Santa Fe Corp., the second-biggest U.S.
railroad, said lower shipments of housing products and lumber
reduced second-quarter earnings. DuPont Co., the third-largest
chemical maker, said slumping demand for kitchen and bathroom
countertops was partly responsible for its profit drop. Genworth
Financial Inc., the former insurance unit of General Electric Co.,
said earnings will be at the ``lower end'' of its forecast this
year as mortgage-insurance claims increase.
Read more at Bloomberg Exclusive News
insurance companies are blaming the worst U.S. housing slump in 16
years for their earnings woes.
Burlington Northern Santa Fe Corp., the second-biggest U.S.
railroad, said lower shipments of housing products and lumber
reduced second-quarter earnings. DuPont Co., the third-largest
chemical maker, said slumping demand for kitchen and bathroom
countertops was partly responsible for its profit drop. Genworth
Financial Inc., the former insurance unit of General Electric Co.,
said earnings will be at the ``lower end'' of its forecast this
year as mortgage-insurance claims increase.
Read more at Bloomberg Exclusive News
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