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"Several difficult quarters lie ahead".
The results followed several difficult quarters during which the company tried to streamline operations and expand its digital and video presence.
"Because of the inconsistencies in the market, it was one of the most difficult quarters in my memory," said Laszlo Birinyi, who has a stock market research firm in Greenwich, Conn.
Once the interest rate cuts have nursed the economy through the next few difficult quarters, they say, the Fed can easily raise rates again to respond to any pickup in inflation.
Yet recognize they face at least two difficult quarters ahead.
Hector Medina Hector Medina, executive vice president of planning and finance at Cemex, said the fourth quarter "was one of the most difficult quarters in recent history".
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"It was a difficult quarter because of the Firestone incident," he said.
As for the stock market, he said, "we expect a really difficult quarter with exceptional volatility continuing".
In a difficult market in a more difficult quarter we have done very well, we are holding up strongly".
Bolland said: "It's hard to say we are disappointed in a very difficult quarter to still have level sales..
"The initial impression is, boy, that was a difficult quarter," said David Burks, an analyst at J. J. B. Hilliard, W. L. Lyons in Louisville, Ky.
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