Tuesday Earnings Wrap-Up

A number of prominent companies released their quarterly earnings results on Tuesday prior to the opening bell. In afternoon trade, a spate of disappointing reports has sent the Dow Jones Industrial Average down around 234 points to 13,112. The Dow has been the hardest hit of the major averages with the S&P falling 1.34 percent and the Nasdaq losing 0.77 percent. Among the big losers is DuPont

, which reported its third-quarter results prior to the beginning of trade. The company cut its full-year forecast and said that it is slashing 1,500 jobs. DuPont Chair and CEO Ellen Kullman said, "Weaker than expected demand in titanium dioxide and photovoltaic markets contributed to the decline from last year's record third-quarter earnings." DuPont reported net income attributable to the company in the third quarter of $10 million or $0.01 per share, compared to $452 million or $0.48 per share, in last year's corresponding quarter. On an adjusted basis, earnings per share were $0.44 versus $0.69 a year ago. This missed Wall Street consensus EPS estimates of $0.47. Revenues in the period were down 9 percent to $7.39 billion. This also missed Wall Street analysts' consensus revenue estimates of $8.14 billion. For fiscal 2012, DuPont now expects adjusted earnings per share of $3.25 to $3.30. This compares to the company's previous guidance of $4.20 to $4.40. Currently Wall Street analysts have consensus EPS estimates of $3.93 for the full-year. During Tuesday's trading session DuPont shares were last down around 9 percent to $45.34. Another basic materials name that is falling after releasing its earnings results is AK Steel

. The company reported a third-quarter net loss of $61 million or $0.55 per share, compared to a net loss of $3.5 million or $0.03 per share, in the year ago period. On an adjusted basis, the loss was $0.25 per share, This compared to analysts' consensus EPS estimates calling for a loss of $0.37. Despite reporting a smaller than expected loss, AK Steel missed revenue estimates for the third-quarter. The company reported $1.46 billion in sales versus $1.58 billion last year. This compared to Wall Street consensus revenue estimates of $1.47 billion. During Tuesday's trading session, AKS was last down almost 6 percent to $5.19. One of the earnings winners on Tuesday has been retailer Coach

. At last check, the stock had surged more than 8 percent to $58.76 after the company released its fiscal first-quarter earnings results prior to the opening bell. "We were pleased with our results this quarter, highlighted by double-digit top line growth, with strong comparable stores sales - most notably in North America and China," Chairman and CEO Lew Frankfort said in a statement. The company reported net income of $221.38 million or $0.77 per share, compared to $214.98 million or $0.73 per share, in the year ago period. This beat Wall Street consensus EPS estimates by a penny. Net sales in the quarter were up 11 percent to $1.16 billion from $1.05 billion. This was in-line with Wall Street revenue estimates. "We continued to make progress against our strategic initiatives - enhancing our leadership position in the North American women's bag and accessory category through fashion innovation, aggressively growing our international business, becoming a market leader in the Men's accessories category and harnessing the power of the digital world," Frankfort said. Harley-Davidson

shares are also surging on the session. For the third-quarter, the company reported a profit of $134 million or $0.59 per share, versus $183.6 million or $0.78 per share, in the year ago period. This exceeded analysts' consensus EPS estimates by a penny. Revenues in the quarter were $1.09 billion from $1.23 billion last year. This came in below Wall Street revenue expectations of $1.12 billion. Dealers sold 61,053 new Harley-Davidson motorcycles in the quarter, which was a 1.3 percent decline versus the 61,838 sold in last year's third-quarter. Overall shipments to dealers and distributors fell 14.5 percent to 52,793 from 61,745. The stock was last trading up around 8 percent to $46.90.