Zumtobel Falls 5% After HSBC Cuts Lighting Outlook: Vienna Mover
Zumtobel AG (ZAG), the Austrian maker of industrial lighting, fell the most in almost three months after HSBC Global Research cut its earnings estimate for the company in fiscal-year 2013 by 30 percent.
Zumtobel fell 40 cents, or 4.6 percent, to 8.25 euros a share at the 5:30 p.m. close in the Austrian capital. That was the lightmaker’s biggest daily drop since March 29. Zumtobel, with a market value of 359 million euros ($450 million) on the Vienna stock exchange, hasn’t closed that low since August 2009.
“We expect a rather sluggish top-line performance” when Zumtobel reports full-year results June 27, said HSBC analyst Christian Rath, who is neutral on Zumtobel shares, today in a research note. HSBC lowered Zumtobel’s 2013 earnings before interest and tax forecast to 41 million euros on “slowing growth momentum in lighting.”
To contact the reporter on this story: Jonathan Tirone in Vienna at email@example.com
To contact the editor responsible for this story: James Hertling at firstname.lastname@example.org