Credit Crisis Has Whirlpool In A Spin

Whirlpool Corp. said Tuesday it will cut about 5,000 jobs by the end of 2009 because of the global credit crisis and its expectation for continued reduced demand in North America and Europe.

The US's largest home appliance maker also reported that its earnings fell 7 percent during the third quarter on lower global unit volumes and higher material costs. Whirlpool lowered its earnings outlook for the year.

Shares of Whirlpool dropped 9.9 percent, or $4.96, to $45.05 in early trading.