Market Preview: Desperate Measures
A big loser on Wednesday is likely to be Scotts Miracle-Gro (SMG), which said it expects fiscal 2012 results to fall short of its previously disclosed financial outlook because of weak sales and an unfavorable product mix. The provider of grass seed and soil products had forecast adjusted earnings of $2.65 to $2.85 a share, but it didn't provide an updated view.
The stock was down more than 14% at $36.98 in the extended session on volume of nearly 90,000. The company said consumer demand during gardening season failed to meet its expectations and that "poor weather and challenging economic conditions" were hurting business in Europe.
--Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
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