Why Steelcase Stock Sank 11% on Wednesday
Shares of office furniture maker Steelcase (NYSE: SCS) are looking kind of rusty Wednesday, falling 11.3% through 12:30 p.m. EDT, despite reporting strong sales and earnings for its fiscal second quarter last night.
Heading into Q2, analysts had forecast that the company would earn $0.37 per share (pro forma) on sales of only $782.6 million. In fact, Steelcase says it earned $0.55 on sales of $818.8 million.
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Source Fool.com
