Two of my favorite co's vomited after the close today. The first was MU... can we say bankruptsy soon?
the 2nd was G (my leading indicator)--watch it tomorrow. I'm sure those US sales of that expensive, crappy razor will remain strong when those individuals that they and others are laying off have no income to buy it with. I guess they can just invest in the stock market for income instead of having a job, right?
Where do these morons come from?
Monday September 28, 7:12 pm Eastern Time
International bank crisis slashes Gillette sales
BOSTON, Sept 28 (Reuters) - Consumer product giant Gillette Co. (NYSE:G - news) blamed the international banking crisis, the economic turmoil in Russia and Brazil's hard hit economy for slashing its international sales 15 percent for the third quarter.
The picture is worse in the Asia-Pacific region, Chief Executive Al Zeien told analysts during a conference call, noting sales there were off 30 percent.
The currency crisis in Russia caused the company's distributor to fire all their sales staff thereby forcing Gillette's sales staff to step in.
''We're in effect doing his job for him...These types of problems we did not foresee in our profit and loss outlooks,'' Zeien said.
What he called the ''Russian Flu'' apparently is beginning to impact Brazil where Gillette has a strong presence. Interest rates that had been at 15 percent, ''shot up to 50 percent. They were 49 percent today,'' Zeien noted trying to explain why Gillette's trading partners were not ordering product.
Foreign sales accounted for 60 percent of Boston-based Gillette's total 1997 sales of $10.1 billion.
On the domestic front, however, Zeien said sales of Mach 3, its latest and most expensive shaving system were strong though he did not have final figures. |
