Dividend.com: ADM Slapped With Sell
Emerson Electric Reduces 2009 Profit Forecast for the Second Time
Emerson Electric(EMR Quote) revised its full-year 2009 profit forecast for the second time this year, citing lower spending by its customers across multiple business segments. The St. Louis-based company, which makes a wide variety of commercial and industrial electrical devices, said that it now sees full-year 2009 earnings of $2.40 to $2.60 per share. On average, Wall Street analysts expect $2.47 per share. Emerson had previously revised its outlook in February to a range of $2.70 to $2.95 per share. The company said it expects full-year sales to decline 9% to 11% from 2008 levels, also disclosing that sales fell 20% to 25% from December through February. Emerson said it plans to spend $1 billion in 2009 on acquisitions, while recording $200 million to $250 million in restructuring charges. Despite the seemingly bad news, Emerson shares rose $1.12, or 3.68%, in late-morning trading Tuesday. We had removed shares of EMR from our "Recommended" list back on Aug.18, when shares traded at $49.43. The company has a new dividend yield of 4.27%, based on last night's closing stock price of $30.89. The stock has technical support in the $22-$24 price area. If the shares can firm up, we see overhead resistance in the $35-$39 price area. We would remain on the sidelines for now. Emerson Electric is not recommended at this time, holding a Dividend.com DARST Rating of 3.2 out of 5 stars.Ventas Announces Public Offering, Reaffirms Guidance
Senior housing and health care REIT Ventas(VTR Quote) on Monday announced a public offering of stock and senior notes.- Loading Comments...
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