Newell Rubbermaid Plunging 11% On Weak Outlook, Earnings

Newell Rubbermaid Inc. NWL shares are plunging today, down more than 11% on news that the company cut its 2011 outlook on weak orders from retailers. “Several of our large retail customers are revising downward their U.S. growth expectations for the year, pointing to weak consumer confidence levels and lower-than-expected spending trends, particularly in the semi-discretionary categories in which we compete,” said Mark Ketchum, chief executive of Newell Rubbermaid. The company said it expects to earn $1.60 to $1.67 per share, excluding costs. Wall Street analysts are expecting earnings of $1.68 per share. At last check, shares were off $1.96 to $15.01, a loss of 11.6%. Newell Rubbermaid Inc. designs, manufactures, sources, packages, and distributes consumer and commercial products. It operates in three segments: Home & Family; Office Products; and Tools, Hardware & Commercial Products.