LOGI Withdraws Target; Sheds Workforce – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/16663/LOGI+Withdraws+Target%3B+Sheds+Workforce+-+Zacks+Tale+of+the+TapePosted on Tuesday, January 6th, 2009 | In Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
Logitech International SA (LOGI) slipped around 8% after withdrawing its financial targets for fiscal 2009, due to the worsening global recession.
The manufacturer of computer products also announced that it will shed 15% of its workforce.
The Switzerland-based company had slashed its sales and profit estimates in October.
LOGI is scheduled to post third-quarter results later this month. Meanwhile, analysts are expecting a profit of 54 cents for the current quarter. The company is a Zacks #3 Rank (”Hold”).
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