Stanley Black & Decker had the S&P 500’s largest drop after it cut expectations for the year, citing slower growth in emerging markets and a hit from the US government shutdown. It now expects adjusted earnings of $4.90 to $5 per share; analysts forecast $5.44. Half the reduction is tied to slower-than-expected profit growth in the security division. Third-quarter earnings rose 44 percent to $166 million but the top line didn’t grow as fast as expected: Revenue rose nearly 10 percent.
Stanley Black & Decker stock plunges
October 17, 2013
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