Premarket trading in S&P Global Inc. (NYSE:SPGI), shares dropped 8.2 percent on Wednesday after the debt rating and analytics business announced it was suspending its full-year financial projections, citing its reasons as “extraordinarily unfavorable” market circumstances.
A month ago, the business dropped its adjusted earnings-per-share projection from $13.30 to $13.50 to $13.00 to $13.25 due to worsening macroeconomic circumstances.
Financial guidance will be reintroduced when the firm announces its second-quarter results, which are expected to be released in late July, according to the company.
S&P Global noted in a statement that “debt issuance volumes have been unusually sluggish this year”. A yearly reduction in market issuance might be expected until the end of 2022 if current trends continue.
Moody’s Corp Stock Underperforms Market
Shares of Moody’s Corp also fell 8.2 percent ahead of the opening on Tuesday. S&P 500 futures ES00, and the S&P 500 SPX, were also up 0.2 percentage points.
Stanley Black & Decker Promotes CFO Donald Allan To CEO; Reaffirms FY22 Plans
As part of its succession plan, Stanley Black & Decker Inc.(NYSE: SWK) named Chief Financial Officer Donald Allan Jr. to the post of CEO, starting July 1.
After serving as the CEO since 2016, James Loree has stepped down. Interim Chief Financial Officer Corbin Walburger, the company’s vice president of corporate business development, has been nominated for the job.
An estimated $7.20 to $8.30 for the entire year and an adjusted EPS projection of $9.50 to $10.50 were both reiterated by Stanley Black & Decker Inc. $9.87 is the FactSet consensus estimate.
The business also intends to rebalance existing yearly spending on commercial, engineering, and supply chain totaling $200 million to $250 million.
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