He saw too much capacity, deteriorating pricing and continued capital budget cuts.
This trend line, which is often a barometer of intermediate-term technical health, has been key in indicating the market's deteriorating price activity.
Moody's currently rates the company one notch above a noninvestment grade, or junk level, at Baa3 and said it will evaluate U.S. Steel's ability to reduce costs in light of deteriorating pricing power, drastically reduced production and $1.6 billion in debt.
The economy would run out of spare capacity, profits deteriorated, prices and wages rose and the Fed hiked interest rates, precipitating a recession.If that pattern holds, the current expansion should have plenty of life left in it.
Their collapse in mid-2007 precipitated a crisis of confidence about how to price these opaque instruments that, combined with deteriorating house prices, rapidly led to multibillion-dollar write-downs at financial institutions worldwide.
Deteriorating gas prices, declining volumes because of seasonal weaker demand and price erosion in the chemicals sector contributed to the lower quarter-to-quarter earnings.
The bank suffered heavy blows to its fixed-income business, causing it to write off $3.55 billion from deteriorating securities prices, leveraged loans and bad trading bets.
Shares of Dow Chemical fell 19percentt after the government of Kuwait backed out of a joint venture to create a petrochemical operation, citing deteriorating oil prices and economic instability.
Figuring that credit losses would eventually rise to match the growth in loan writing, and seeing danger in deteriorating housing prices, he started issuing sell ratings.
