Gabelli Downgrades A. Schulman (SHLM) to Sell
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Gabelli & Co. downgrades A. Schulman (Nasdaq: SHLM) from Hold to Sell.
The downgrade follows A. Schulman's Q2 earnings, which were reported before the open on Friday. After falling as much as 12.5% on Friday, shares of A. Schulman rose throughout the day, closing down just 3.6%.
Gabelli cites Q2 results which "reflect the rapid deterioration in SHLM's end-markets" which is likely the result of "an ongoing recalibration of the supply chain that is driving substantial inventory destocking". The firm moved its FY09 EPS estimate from $0.75 to $0.25, which compares to the Street consensus of $0.77.
A. Schulman, Inc. supplies plastic compounds and resins to consumer products, industrial, automotive, and packaging markets in North America, Europe, and Asia.
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