Precision Castparts Tumbles on Soft Q4 Guidance, Announces Job Cuts

Shares of Precision Castparts (PCP) fell in Wednesday's trading session after issuing a weak fourth quarter outlook, making it TheStreet's Move of the Day. For the quarter, the aerospace parts company expects earnings in a range well below Wall Street estimates. Precision Castparts said it sees slumping demand in both its energy and power businesses. The company added that foreign-exchange rates had a negative impact due to the stronger dollar. Additionally, the metal-products maker announced it will cut jobs and make headcount reductions. The stock ended the day as the worst performer on the S&P 500. TheStreet's Kurumi Fukushima reports in New York.

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