Diamonds and Dogs
10/16/13Stanley Black & Decker Inc. (SWK)
Stanley Black & Decker is screwing investor's today (pun intended), down 14.26% at $76.75. The power tool company saw its shares fall after lowering its guidance for the year. The company now expects 2013 adjusted earnings of $4.90 to $5 per share, which falls short of average analyst expectations for $5.44 per share and the company's previous estimate for $5.40 to $5.65. Stanley Black & Decker cited slower growth in emerging markets and a hit from the U.S. government shutdown as reasons for lowering its guidance. Shares of the company dropped over $12.70 but are still well above their 52-week low of $66.18.
Advance Auto Parts Inc. (AAP)
Advance Auto Parts is racing higher today, up 16.59% at $96.19. The automotive part retailer saw its shares take off after the company agreed to acquire General Parts International for $2.04 billion. Advance Auto is making the move to expand its geographic presence and would create North America's largest auto parts provider, with roughly $9.2 billion in sales. "We believe the combination of the two companies is a great fit and the synergy of GPII's assets with our capabilities will allow us to capitalize on market opportunities that will create value for our shareholders and provide even better service to our customers," Advance Auto CEO Darren Jackson said. Shares of Advance Auto Parts hit a new 52-week high of $99.30 intraday.