Whirlpool's Stock Plunges Toward Biggest Price Decline In Its 44-year Public History

By Tomi KilgoreMarketsMarketWatch Pulse

Whirlpool Corp.'s stock tumbled toward its biggest one-day price loss in the 44 years since it went public, after a perfect storm of disappointment in the appliance maker's third-quarter report. The company missed earnings and revenue expectations, and provided a downbeat profit outlook. The shares sank $19.71, or 11.6%, to and eight-month low of $150.75 in midday trade. The next biggest price decline was when the stock, which went public in January 1972, tumbled $16.23, or 9.1%, on June 24 in the wake of the Brexit vote. Tuesday's percentage decline was the biggest since it plunged 14% on Oct. 28, 2011. Raymond James analyst Sam Darkatsh said some of the key "negative" items in the Q3 report included misses in margins for each business segment and lowered full-year growth expectations in three of the company's four geographic regions. The stock has now dropped 21% over the past three months, while the SPDR Consumer Discretionary Select Sector ETF has shed 2.9% and the S&P 500 has slipped 1.1%.

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