Shares of 3M and Kraft Foods Fall as U.S. Job Gains Fall Short of Analysts' Estimates -- S&P 500 Falls 10% From 4 Year High
June 06 2012 - 8:20AM
Marketwired
Growing concerns of a global economic slowdown and potential
recession in Europe have continues to weigh down the markets. In
the month of May we saw the Dow Jones Industrial Average erase it
gains for the year and valuations in the Standard & Poor's 500
Index fall 19 percent below 2011 levels. Five Star Equities
examines the outlook for companies in the S&P 500 and provides
equity research on 3M (NYSE: MMM) and Kraft Foods Inc. (NYSE: KFT).
Access to the full company reports can be found at:
www.FiveStarEquities.com/MMM
www.FiveStarEquities.com/KFT
Data compiled by Bloomberg show that the S&P 500 is trading
at 12.9 times profit in the last year, in February of last year the
S&P 500 was trading at 15.9 times. On Friday, the S&P 500
saw their largest decline since November. The Labor Department
reported Friday that the unemployment rate grew to 8.2 percent from
8.1 percent, and employers in the U.S. added only 69,000 jobs, the
lowest total in a year. The S&P 500 has fallen almost 10
percent, from its four year high in April, in the last week.
"You have to take your hits," said Michael Shaoul, chairman of
Marketfield Asset Management. "You don't let it change your mind
about domestic U.S. activity. You can be patient with U.S. economic
growth and the market, and I still keep that view after this."
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3M recently announced that the Department of Defense (DoD) has
awarded 3M Health Care a two-year Enterprise Incentive Agreement
(EIA) to provide 3M Littmann Stethoscopes to all DoD medical
treatment facilities in the United States, Europe and the Pacific
region. The agreement was made effective on May 1, 2012.
Kraft Foods is a global snacks powerhouse with an unrivaled
portfolio of brands people love. Proudly marketing delicious
biscuits, confectionery, beverages, cheese, grocery products and
convenient meals in approximately 170 countries, Kraft Foods had
2011 revenue of $54.4 billion. The company recently reported that
for the first quarter 2012 net revenues grew 4.1 percent to $13.1
billion.
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