An Investment To Chew Over?
Wall Street chomped on gum maker Wrigley after a disap-pointing second-quarter earnings report, cutting its share price nearly $10, to $38.25, between July 27 and Aug. 3. But investors already are getting over their disap-pointment and predicting a juicy future for the company. Wrigley now trades around 42, giving it a price-earnings ratio of 25 times projected earnings of about $200 million on sales of $1.6 billion for 1994--50% higher than the average for food company stocks. Why the optimism? Wrigley's overseas prospects are good: It is expanding its plants in England and France and building new ones in Poland and India.