Dollar Rally Into October Upends Earnings From 3M to IBM
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The dollar’s 12-week winning streak leading into October hurt third-quarter earnings and disrupted forecasts for some U.S. companies with big overseas operations.
Amazon.com Inc., Apple Inc., International Business Machines Corp. and McDonald’s Corp. all alluded to the effect of currency exchanges on their earnings and outlooks. Ford Motor Co. said the dollar’s ascent to a four-year high cost the carmaker $166 million pretax, while Procter & Gamble Co. said “significant negative” effects of currency fluctuations will hurt net sales this quarter.