Owens-Illinois Shares Shatter on Double-Digit Drop in Glass Sales

Shares of Owens-Illinois dropped on Wednesday making it TheStreet's 'Move of the Day.' The manufacturer of glass bottles and containers said it anticipates lower-than-expected earnings in its September-ending third quarter. Over that period, profits are forecast to fall 5% year-over-year to roughly 75 cents a share. Analysts had expected an average 88 cents a share in profits. Ohio-based Owens-Illinois suffered lower sales over the quarter, including a low single-digit drop in sales volume in North America and a double-digit decline in the Asia-Pacific. Owens-Illinois is scheduled to report its third quarter in late October.