P&G Warning Drives Down Markets

Fri., June 9, 2000

From Staff

The Dow Jones industrial average fell sharply Thursday after Procter & Gamble surprised Wall Street with an earnings warning and a management shakeup. The escalating blue chip sell-off spread to the rest of the market, leaving most stocks with a loss.

The Dow fell 144.14 to close at 10,668.72. Broader stock indicators were also lower; the Nasdaq composite index fell 13.70 to 3,825.56 and the Standard & Poor’s 500 fell 9.69 to 1,461.67.

Stocks tumbled after Procter & Gamble officials said its fiscal fourth-quarter core earnings should be even with last year’s levels. The consumer products maker had earlier predicted a 15 percent to 17 percent increase.

Procter & Gamble’s warning followed a similar disappointment in the latest quarter. On Thursday, the company replaced chief executive officer Durk Jager with Alan G. Lafley, president of its divisions for global beauty care and North America.

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P&G Warning Drives Down Markets

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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