Updated from 1:02 p.m. EDT
Griffon(GFF Quote) was among the NYSE's losers Monday, tumbling 18.5% after the industrial goods company posted weak third-quarter earnings and said that its prospects for increasing shareholder value through strategic alternatives are not good.
The company earned $4.4 million, or 14 cents a share, on revenue of $398.7 million. Analysts polled by Thomson Financial had expected earnings of 23 cents a share. During the year-earlier period, the company earned $19.4 million, or 61 cents a share, on revenue of $429.1 million.
As for the company's efforts to increase shareholder value, the company, which hired Goldman Sachs to help it explore strategic alternatives, said that conditions in the housing and credit markets are hampering its ability to find attractive alternatives. Shares closed down $2.94 to $12.98. ...
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