PPG’s Warning on Costs Reverberates

By Anonymous

The paint company’s stock takes a hit amid broader concern for manufacturing profits

PPG Industries Inc.’s shares fell sharply Tuesday after the paint company said costs are rising at the fastest pace in two years, raising broader concern about profits for U.S. manufacturers.

Pittsburgh-based PPG said late Monday it is paying more for the chemicals it uses to make paint and coatings as well as for oil and shipping. Its share-price drop Tuesday led the broader S&P 500 Chemicals Index down 2.8%.