SPX Slashes 09′ Profit View – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19048/SPX+Slashes+09%27+Profit+View+++-+Zacks+Tale+of+the+TapePosted on Monday, April 13th, 2009 | In Market Commentary, Stocks to Watch
Shares of SPX Corp. (SPW) plunged more than 17% after cutting its 2009 profit guidance.
It now expects profit between $4.40 and $4.80 per share, down from an earlier guidance of $5.40 to $5.80. Analysts had been expecting earnings of $5.11 per share.
The company said that sales could also fall about 16% this year.
For the first quarter, SPX sees earnings per share at the low end of its prior forecast of 75 cents to 85 cents, while analysts expect a profit of 76 cents.
For its fourth quarter, SPW reported a positive earnings surprise of 10.75%.
SPX is a Zacks #3 Rank (”Hold”) company. It is moving on higher-than-normal volume of almost 1.7 million, compared to the average of around 922,000.
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