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What: Shares of packaging maker Bemis
So what: Sales in the third quarter gained 5% to $1.36 billion, but earnings per share fell 9% to $0.53, $0.02 below estimates. What really made investors run for the exits was the fourth-quarter earnings forecast of $0.36 to $0.42 per share, well below estimates of $0.54.
Now what: There really isn't a great way to spin the news today after the forecast came in well below estimates. Management announced that they would be laying off workers and closing plants, so this doesn't look like a one-time hit that the company can easily recover from. I'm a seller today and would move on to a company whose fortunes are improving.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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