3 FTSE Shares Crashing Today
LONDON -- The FTSE 100 (INDEX: ^FTSE) is falling back a bit after last week's gains took it above the 5,900 level, and it dropped 43 points to 5,840 points by late morning as confidence in consumer business appears to wane. The reversal appears to have put an end to recent economy-led optimism -- at least for now.
But it's only a relatively small drop compared to some of the falls experienced by individual companies. Here are three from the various indexes that are crashing today.
Mulberry (ISE: MUL.L)
Mulberry, the purveyor of fashionable handbags and other leather goods, crashed by 25% to 996 pence today after the firm issued a profit warning. International sales, we were told, "have not met our expectations for the first half of the year," largely due to a slowdown in demand in Asian markets.
Sales growth for the year is now likely to be below current market expectations, and profit is forecast to come in lower than last year's.
Chemring (ISE: CHG.L)
Shares in aerospace and defense engineer Chemring Group fell 8% to 319 pence this morning after the resignation of chief executive David Price was announced. Price will be replaced by Mark Papworth, formerly an executive director at Wood Group.
With Papworth having prior experience in turnaround situations, the move has cast doubt on the potential takeover of Chemring by American equity investment firm Carlyle.
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Capital Drilling (ISE: CAPD.L)
Capital Drilling, which provides drilling and exploration services to exploration and mining companies, slumped by 15% to 40 pence on the release of an interim statement that revealed performance below market expectations.
Belt-tightening by some of the firm's big mining clients was blamed as the main cause, though problems with industrial action in Egypt and a weak performance in Tanzania also contributed to its problems.
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The article 3 FTSE Shares Crashing Today originally appeared on Fool.com.Alan does not own any shares mentioned in this article. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors.
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