The PCI Manufacturers’ Index also faltered, shedding 74.21 points, or 5.23 percent, and closing at 1345.76. Only BASF remained positive: declining issues easily outpaced advancing issues by an 8-to-1 count.
Shares of RPM also faltered, shedding 4.90 points, or 20.46 percent, after its recent quarter fell below analysts’ expectations. Fiscal first-quarter net income for RPM was up 11.3 percent, to $68.3 million, or $0.53 per share. This compares to net income of $61.3 million, or $0.49 per share in the comparable year-ago quarter. However, analysts polled by Thomson Financial expected RPM to earn $0.55 per share. RPM held fast on its current fiscal year forecast, which sees sales and net income increases of 8 percent. RPM closed at 19.05, and was the top percentage loser.