Sealy's Getting Hit After Weak Earnings (ZZ)

Shares of Sealy Corporation ZZ are getting smacked hard this morning, losing more than 11% after the company reported weaker than expected earnings and guidance. The company reported third quarter earnings of 4 cents versus the 5 cents analysts had been expecting. Sealy's missed on revenues as well, reporting $346.2 million versus consensus of $364.00 million. This was a decline of 1% from the same period, one year ago. Shares are down 32 cents to $2.46, a loss of 11.5%. 109,000 shares have already been traded, almost half the daily volume.