Pursuits
Caesarstone Falls Most on Record on Lower U.S. Sales Outlook
- Revenue outlook for 2015 cut to as low as $495 million
- Barclays cut stock rating to neutral from buy after report
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Shares of Caesarstone Sdot Yam Ltd., the maker of quartz countertops, tumbled the most on record after the company trimmed its 2015 revenue forecast on weaker-than-expected U.S. growth.
Caesarstone plunged 21 percent to $56.39 at 1:17 p.m. in New York after losing as much as 24 percent earlier, wiping out the stock’s gains this year. The Sdot Yam, Israel-based company reduced its 2015 revenue forecast to as low as $495 million, compared with the $521 million average estimate of five analysts surveyed by Bloomberg.