Monsanto Co. (MON) Still Trading Away From Any Support Level

Monsanto MON fell 7.5% to $48.69 on Thursday afternoon after it said that the company was cutting its earnings outlook for this year. Monsanto (MON) has revised its 2010 earnings from $2.40 a share to $2.60 a share, on an adjusted basis from its earlier guidance of $3.10 to $3.30 per share. The current estimate of Wall Street analysts was $3.09 a share for Monsanto, according to an analysts’ survey. Monsanto (MON) pointed out toward the lower profitability in the weed-killing business for the downward revision in the operating margins due to strong competition. Monsanto (MON) continues to be in the grip of bears as it started the Thursday session with a wide gap-down opening.