Libbey's Fight To Protect Market Share Sends Stock Plunging

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Libbey Inc. plunged 10% in premarket trade Wednesday, putting them on track to open at a 5 1/2-year low, after the glass tableware maker warned investors that it expected to swing to a loss in the first quarter. The company said it expects a net loss in the range of $6 million to $8 million, compared with a profit of about $700,000 a year ago. The FactSet consensus was for a profit of 4 cents a share. The company said that in addition to the expected pressures on profit from furnace rebuilds and some technology investments, the company suffered unfavorable price and product mix as it fought to protect market share and cope with "intense global price competition." The stock had tumbled 28% year to date through Tuesday, while the S&P 500 had gained 4.6%.

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