Business Services Industry
Gillette Issues Profit Warning; Stock Falls.
Knight Ridder/Tribune Business News, June, 1999 by Wilmsen, Steven
Knight Ridder/Tribune Business News
Jun. 19 -- Gillette Co. shares tumbled yesterday as Wall Street reacted to an announcement by the world's largest maker of razors and blades that profits again won't meet analysts' expectations.
In a frenzy of trading, Gillette shares plummeted to a low of 41 1-4 before recovering somewhat to close down 11 percent at 42. It was the single largest decline among companies in the Standard and Poor's 500 index yesterday, and the biggest one-day drop in Gillette shares since it issued its last profit warning in April.
Yesterday 30.5 million Gillette shares traded hands, more than nine times its average three-month daily volume.
"You have to wonder if the wheels are starting to come off the cart here,"...
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