GM and Ford warned of tough times as the Paris Auto Show opened onThursday

Tag : agricultural hardware
The Toronto Stock Exchange's main index sankmore than 6 percent on Thursday afternoon to its lowest in twoyears, dragged down by concern over the outlook for fertilizerproducers and a drop in oil and gold prices. Potash Corp ofSaskatchewan and Agrium Inc , which had helped power the market during the commodities boom,dropped more than 20 percent after Merrill Lynch downgraded thestocks because uncertainty over earnings for the sector.
Potash Corp says stock plunge an "overreaction"
WINNIPEG, Manitoba (Reuters) - Potash Corp , the world's largest fertilizer company, continues to believe thesector is well-positioned for the long term, despite plunging stockprices on Thursday, a company spokeswoman said. "In these toughfinancial market conditions, good companies and good business cancertainly get caught up in overreactions, and we really believethat's what's happening here," Rhonda Speiss said.
Agrium says "panic" stirs fertilizer stocks
WINNIPEG, Manitoba (Reuters) - Agrium Inc continues to see bigger margins and more profits from itsfertilizer business despite a sharp plunge in its stock price onThursday, its chief financial officer said in an interview. "Ithink it's just a lot of panic in the market right now and themarket is very, very skittish, and any hint of even a possibilityof bad news seems to generate a huge overreaction," said CFO BruceWaterman.
Credit crisis gives world farm sector a jolt
KANSAS CITY, Missouri (Reuters) - Wall Street woes have washed downMain Street and on Thursday plowed their way through farm country,leaving big companies that buy and sell to farmers with plummetingshare prices and shaken outlooks. Sinking commodities prices forgrains, cotton and livestock, along with doubts about a governmentrescue package for the U.S. banking system and growing recessionfears, brought the credit crisis home to roost in agribusinessshares.
Crisis spreads as bailout focus on House
NEW YORK/WASHINGTON (Reuters) - Shockwaves from the global creditcrisis spread on Thursday rattling industries around the world andraising the stakes for Congress to finish up a $700 billion bankbailout. U.S. economic data amplified warnings that a recession isnear, and European Central Bank President Jean-Claude Trichet saidEurope's economy was weakening, opening the door for the firstinterest rate cut there in five years.
Oil falls over 4 percent on economic, demand concerns
NEW YORK (Reuters) - Oil dropped more than 4 percent on Thursday asfinancial market turmoil stoked concerns about fuel demand and sentinvestors seeking safer havens. U.S. crude settled down $4.56 at$93.97, while London Brent fell $4.77 to settle at $90.56 a barrel.
Fertilizer shares slide on Mosaic, credit worries
NEW YORK (Reuters) - Shares of North American fertilizer companiesplunged on Thursday, leading Wall Street lower after Merrill Lynchchopped its ratings on the sector in the wake of Mosaic Co's disappointing quarterly earnings. The sell-off in fertilizerstocks dragged other companies in the agricultural sector lower.Seed company Monsanto's shares fell more than 20 percent early in the day, but pared a bitof their losses after Monsanto raised its 2008 earnings-per-shareforecast.
Canada accounting board may clarify fair-value rule
TORONTO (Reuters) - The body that sets Canada's accountingstandards will decide this month whether to expand guidance on howto estimate the fair value of financial instruments in thinlytraded markets, the head of the Accounting Standards Board said onThursday. Canada has already had some experience with the matter inthe asset-backed commercial paper market, which came to a completestandstill in August 2007, Paul Cherry, chairman of the ASB, toldReuters.
Richelieu Hardware profit rises as expenses drop
OTTAWA (Reuters) - Richelieu Hardware Ltd reported a 5.8 percent rise in quarterly profit on Thursday ashigher margins and lower interest and income tax expenses offsettough economic conditions and the effects of a stronger Canadiandollar. The company, which imports and distributes specialtyhardware and produces kitchen cabinets and doors, said it earnedC$9.6 million ($8.88 million), or 42 Canadian cents a share, in itsthird quarter, compared with a profit of C$9.1 million, or 39Canadian cents a share, in the year-before period.
Carmakers sound alarm at gloomy Paris show
PARIS (Reuters) - Top automakers including General Motors Corp (GM)and Ford warned of tough times as the Paris Auto Show opened onThursday amid concerns that slowing demand could force productioncuts and job losses. Volkswagen's latest Golf and Toyota's newAvensis saloon for Europe headline the event, which opened under acloud as makers struggle to attract buyers worried by slowingeconomies and as a global credit crisis hurts auto leasing.
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