Wachovia Downgrades Fortune Brands (FO) to Market Perform
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Wachovia downgrades Fortune Brands Inc. (NYSE: FO) from Outperform to Market Perform, following Q2 pre-announcement.
The firm said, "Although there was very little detail in the text, it looks like sales were even a few more points slower than we thought -- this was clearly priced in. However, we did not expect cost pressures from steel & particle board to offset the targeted cost savings and rationalization that was to be the “silver lining” to this slowdown. We believe Fortune management has been aggressive enough in rightsizing these businesses for a meaningfully weaker economy, but the costs seem to be deferring any of those benefits."
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