Stanley Black & Decker Hammers Home Gains in the Third Quarter
Stanley Black & Decker (NYSE: SWK) went right to work in the third quarter beating back the headwinds that have caused so much volatility for most of 2019. It also beat Wall Street's earnings estimates, though sales just missed forecasts.
Yet as the toolmaker looks to the future and reining in most costs from its business, it lowered its guidance for the rest of the year, believing its cost-cutting program will sap the earnings strength it has exhibited. With the reduced guidance, the market dropped Stanley's stock almost 5% on the news, though it gained it right back the next day.
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Source Fool.com