Long-Term Portfolio holding, Lifetime Brands (LCUT), sent out an earnings warning early this morning due to slower than expected sales. The company now anticipates that full year earnings for 2006 will fall in the 1.10 - 1.15 range as compared to their original forecast of 1.45 - 1.55.
This is a significant shortfall, and I will continue to monitor the stock. While I'm glad that I did not double up on the position a month or so ago when I had considered it (due in good part to gaamblor's take that trouble lay ahead), this is disappointing.
As one would expect, shares are trading sharply lower this morning. Most recent quote has it down almost 20%.
2 comments:
Holy shit i got one right...thats going on my resume
I got excited about buying for a minute but looked at it again and it still looks dicey
You definitely did get that one right, and I'm just fortunate that it is my second smallest position.
I am not looking to add any at this point. I will think about it more after they announce their earns and see how bad things really got. It doesn't please me when misses of this size basically toss my numbers into the trash.
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