were sliding after the company lowered its first-quarter earnings outlook, citing a difficult domestic market and recent labor strikes.
The company, which makes cranes for construction companies, also was downgraded by Deutsche Securities to hold from buy. Separately, Manitowoc was downgraded by Robert W. Baird to neutral from outperform.
Shares were down 13%, or $2.49, at $16.70 in early trading.
Wisconsin-based Manitowoc now expects a break-even quarter. Analysts were expecting the company to post a profit of 23 cents a share during the quarter. The company earned 36 cents a share in the prior-year quarter.
The company said delays in starting new shipbuilding projects as a result of a 44-day strike by 700 workers at Marinette Marina impacted earnings. A new labor agreement was approved two weeks ago, and the workers returned to work.