Thursday, September 23, 2004
Maytag, Whirlpool stocks down as steel concerns weigh
Reuters.com: "Maytag, whose stock fell more than 4 percent, was one of the biggest percentage losers among the S&P 500. Whirlpool's stock eased more than 2 percent.
'It's higher raw material prices,' said David MacGregor, an analyst with Longbow Research. He said higher prices of steel, plastics and other materials would weigh on manufacturers over the next couple of quarters.
Earlier Thursday, Electrolux warned that soaring steel prices would hurt its second-half operating income by about $68 million. The maker of Frigidaire products said it was no longer possible to offset materials price rises with internal measures."
'It's higher raw material prices,' said David MacGregor, an analyst with Longbow Research. He said higher prices of steel, plastics and other materials would weigh on manufacturers over the next couple of quarters.
Earlier Thursday, Electrolux warned that soaring steel prices would hurt its second-half operating income by about $68 million. The maker of Frigidaire products said it was no longer possible to offset materials price rises with internal measures."
