Quote:
Originally Posted by fishtank
Like to re enter this at $24 .. Jan 25
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Newell Brands (NWL -19.3%) falls hard after lowering its full year guidance.
The company expects sales growth of 0.8% vs. +1.5% to +2.0% prior outlook and EPS to fall in range of $2.72 to $2.76 vs. $2.80 to $2.85 prior.
Newell also revealed plans for a huge transformation that will see the company look to explore options for some industrial and commercial assets, as well as reduce its factory and warehouse footprint fall by 50%.
Some of the brands that could be shopped include Rawlings, Goody, Rubbermaid Outdoor, Closet, Refuse and Garage and U.S. Playing Cards.
"We are committed to achieving our transformation objectives and are taking decisive action with speed to adapt our agenda to the unprecedented volatility in our retailer landscape," says CEO Michael Polk.