| More second-quarter earnings warnings rolled in. Appliance-maker Maytag said its revenues are way down, mostly on slower sales of vacuum cleaners. Film company Polaroid is cutting 25% of its workforce because of steeper than expected declines in its core instant imaging business. And, paper and wood products giant Georgia-Pacific is closing three plants, while cutting production at others. Meanwhile U.S. retail sales edged up ever so slightly in May, below expectations, prompting fears of a slowdown in consumer spending. Consumer spending is a key component of the U.S. economy. It provides 2/3 of GDP. |
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