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Sharp decline in Bruswick Stock
Shares of Brunswick Corp. traded sharply lower Tuesday after the maker of marine engines, pleasure boats and other leisure goods cut its earnings targets, blaming the combined effects of higher fuel prices, lower consumer confidence and Hurricane Katrina. Brunswick (BC), based in Lake Forest, Ill., saw its stock fall 10.9%, or $ 4.61, to $37.89 in recent trading. Brunswick said that retail demand for its marine products remains strong, but that as it moves into the off-season, demand is driven primarily by wholesale buyers. "We are concerned that if high fuel prices, the drop in consumer confidence and Katrina lead to slower overall economic conditions, then wholesale demand for marine products could be affected," said George Buckley, chairman and chief executive, in a statement. http://tinyurl.com/cj2ba |
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