Stanley Black & Decker Inc. (NYSE: SWK) reported on Wednesday that fiscal third-quarter net income jumped 44%, driven mainly by higher revenue from industrial and construction divisions; nonetheless, shares were hammered after the tool maker slashed its full-year earnings guidance. Core earnings barely managed to beat analysts’ expectation but revenue missed the estimation. For the full-year fiscal, the Company now anticipates earnings to be in the range of $4.90 to $5 a share down from earlier projections of $5.40 to $5.65 a share. The Company blamed weakness in emerging markets, the impact of the partial government shutdown in the U.S and very little recovery in the security segment’s margin rate for a downbeat outlook.
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Major Gainers and Losers on October 9; SPB, SWK, EW, QCOR, OC, AA, NFLX
Shares of Spectrum Brands Holdings Inc. (NYSE: SPB), a consumer products company engaged in the manufacturing and marketing of alkaline, zinc carbon and hearing aid batteries, herbicides, insecticides and repellants and specialty pet supplies, are soaring in trading today.
Continue reading Major Gainers and Losers on October 9; SPB, SWK, EW, QCOR, OC, AA, NFLX
Spectrum Brands to Acquire Stanley Black & Decker’s Hardware & Home Improvement Group (SPB, SWK)
Wisconsin-based global consumer products company, Spectrum Brands Holdings Inc. (NYSE: SPB) announced today that it intends to acquire the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker (NYSE: SWK) for $1.4 billion in cash.