LNN plunge

Discussion in 'Stocks' started by gobar, Jun 18, 2008.

  1. gobar


    LNN was down some $30 @ the open and now its down $15...

    its a agriculture related stock which r on fire...

    whats et's opinion?
  2. S2007S


    AG stocks are like the dot coms...


    all overbought.
  3. There's no need for irrigation equipment with all of the recent rain in the Grain Belt states.
  4. hughb


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    UPDATE 1-Lindsay Q3 profit trails Wall Street, shares slide
    Wed Jun 18, 2008 9:35am EDT
    (Recasts; adds details, share movement)

    June 18 (Reuters) - Lindsay Corp (LNN.N: Quote, Profile, Research, Stock Buzz), a maker of irrigation equipment, infrastructure and road safety products, posted a lower-than-expected quarterly profit, sending shares down almost 25 percent.

    "Gross margin was 25.8 percent compared to 26.2 percent a year ago due to lower infrastructure margins resulting from an unfavorable product mix and higher input costs," the company said in a statement. Net income for the third quarter was $14.1 million, or $1.15 a share, compared with $7.5 million, or 62 cents a share, in the year-ago period.

    Two analysts on average expected earnings of $1.22 a share, before special items, according to Reuters Estimates.

    A third quarter correction of previously recognized tax expense resulted in a reduction in income tax expense of about $1.1 million and an increase in earnings of 9 cents a share.

    Revenue rose 54 percent to $143.6 million, while analysts on average expected $137.3 million. Shares of the Omaha, Nebraska-based company were trading down more than $30 at $94.02 Wednesday early morning on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Pratish Narayanan)

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