Why Newell Brands Stock Just Crashed
Newell Brands (NASDAQ: NWL) got some much needed, and I'd argue much deserved, good press this month when, on Oct. 5, The Wall Street Journal profiled the company's exceptional efforts to re-shore manufacturing of Sharpie markers to America. Through $2 billion in manufacturing efficiency investments, Newell succeeded in removing Sharpie production from China, to the extent that today nearly all the Sharpies it makes, "in all 97 colors," are made right here in the U.S., specifically, in Tennessee.
Unfortunately for Newell, good press wasn't enough to save its third quarter.
This morning Newell reported a tiny earnings miss, $0.17 per share (adjusted) when Wall Street wanted to see $0.18, and a revenue miss as well -- $1.8 billion instead of $1.9 billion. And now Newell stock is crashing, down 30% through 10:05 a.m. ET.
Source Fool.com
