Cytec Industries cuts 2008 profit outlook (AP)

Friday October 10, 7:25 am ET Cytec Industries slashes its 2008 profit outlook, cuts jobs on weaker economy and lower demand WEST PATERSON, N.J. (AP) -- Chemicals maker Cytec Industries Inc. cut slashed its 2008 profit outlook Thursday, citing the effects of a strike at Boeing Co., a weak economy, and lower demand for acrylic fiber products. The company also said it is cutting 40 jobs in its specialty chemicals business and expects a $5 million charge during the third quarter. Cytec now expects profit between $3.75 to $3.85 per share in 2008, excluding charges, down from the prior guidance of $4.15 to $4.35 per share. Analysts polled by Thomson... [read full story]