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Penney's bleak outlook was further exposed when it announced just a few weeks ago that it would sell as much as 96.6 million in new common shares, signaling its weakening forecasts and potential worries about its vendor credit as it sought to shore up its capital reserves.
The OBR cited as its reasons for the weakening forecasts the eurozone debt crisis, growing inflation in food and fuel prices, and also an increase in the amount of the deficit that it believes to be structural.
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Despite this, the intensity predictions did not forecast weakening within the next three days.
Tropical Storm Zeta continued to defy forecasts of weakening.
Slight weakening is forecast as Irene crosses Eastern North Carolina but Irene is forecast to remain at or near hurricane strength as it moves near or over the Mid-Atlantic states and approaches New England.
Proxicom Inc., an Internet consulting company, said yesterday that it would lay off 227 employees, or 19percentt of its work force, and that its first-quarter results would be below analysts' forecasts because of weakening demand for information services in the United States and Europe.
In a note to clients, Peter Nesvold, an analyst at Jefferies & Company, said that while the earnings forecast highlighted a weakening global economy, higher costs were the main reason FedEx fell short of Wall Street's expectations.
The world's second-largest staffing company revised its profit forecast due to weakening demand for temporary workers during a recession.
JDS Uniphase fell $1.06, to $26.94, after lowering its forecasts again, citing a weakening economy and waning demand.
Employment is weakening, US and global economic growth forecasts are being lowered.
Despite being in an apparently favorable environment, Danielle continued to slowly weaken, as the forecast for decreasing wind shear did not initially materialize.
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