|DANIEL WAGNER, AP Business Writer|
U.S. stocks slid for a sixth day Thursday as concern spread that weaker global economic growth and the European debt crisis will hurt U.S. corporate earnings. The Dow Jones industrial average was headed for its longest losing streak since mid-May.
Billionaire investment guru
Other companies appear to be struggling as well. Aluminum maker
Traders also sweated about
The Dow Jones industrial average fell 20 points to 12,585 as of
The Standard & Poor's 500 index fell five points to 1,336. The Nasdaq composite average fell 21 to 2,867.
The weak corporate results will likely prompt analysts to lower their quarterly earnings forecasts for the entire
"There will be more disappointments than surprises," Fox said. "It's a global world, and many of the small companies we invest in do business all over the world," he said, adding that his firm already is using estimates that are below
Fox said Buffett sounded far more negative than he has over the past year. At Berkshire's last annual meeting, which Fox attended, Buffett declared that all but a handful of the conglomerate's companies were doing better.
"The tone of his comments has definitely changed, which I think is a fair reflection of the environment," Fox said.
The euro fell to a two-year low as fed-up investors questioned the region's ability to solve its debt crisis conclusively. It fell as low as
A stronger dollar is another threat to U.S. corporate earnings, Fox said, because it makes U.S. goods more expensive to overseas buyers. Later, when companies convert those sales back into dollars, the unfavorable exchange rate shrinks the company's revenue.
Traders also are concerned that
Among the companies making big moves:
— Progressive, an auto insurance company, fell 4 percent after reporting a 52 percent drop in second-quarter income, partly due to an investment loss. The results were far weaker than analysts had expected. Progressive fell
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