United Parcel Service (UPS) declined 4.61% after the package-delivery company’s second-quarter earnings and revenue missed estimates and it lowered its full-year earnings outlook, citing increasing economic uncertainty in the U.S. and continued weakness in Asia.
DuPont (DD) dropped -1.97% after the chemical company earnings topped estimates but revenue fell short of expectations. Blue chip Texas Instrument (TXN) fell -0.86% after the microchip maker reported second-quarter earnings that beat forecasts, but revenue fell short and it indicated that third-quarter revenue would be below current projections.
Total market losses widened around midday after a Reuters report that Greece will need to restructure its debt again, citing European Union officials. The reports on Greece accelerated declines across European markets, which were already lower after the Continent’s own discouraging manufacturing data. The Stoxx Europe 600 shed -0.5%, losing ground for the third session in a row.
In other corporate news, Whirlpool dropped 8% after the company’s profits fell short of street forecasts. Additionally, Cisco systems and Apple both fell, mirroring the market before their major announcements. Finally, DeVry (DV), the for profit education company, fell 24.56% after they reported eliminating 570 jobs following a decrease in demand for education and increased governmental restrictions on for profit education.