Chainsaw Al is back--but Wall Street isn't applauding. On May 11, Sunbeam head Al Dunlap unveiled the second restructuring in 18 months. He'll combine facilities at the Signature Brands, First Alert, and Coleman lines. The toll: 5,148 jobs, 8 factories, and 33 warehouses. Instead of cheering, the market frowned at Sunbeam's surprise operating loss. Investors "don't take kindly to guys who set the bar pretty high and miss it," says Justin Maurer, analyst at McDonald & Co. The stock slid 2 1/16 on the news, to 25 3/4.

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