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Stanley Works Gives '09 Forecast Mostly Under View

The Associated Press

NEW BRITAIN, Conn. (AP) — Tool maker Stanley Works Co. said Friday it expects sales will remain weak through the rest of the year, and issued a wide earnings prediction range mostly under Wall Street's expectations.

The company sees 2009 earnings between $2 and $2.50 per share. Analysts polled by Thomson Reuters currently expect a profit of $2.38 per share.

Stanley Works also said Friday its first-quarter earnings tumbled 43 percent as core sales slid and weren't able to be offset by acquisition growth and higher prices.

In morning trading, Stanley shares rose $2.01, or 6 percent, to $35.63.