Tyco Lowers Profit Forecast; Shares Fall 11%
Tyco International Ltd. reduced its profit forecast, overshadowing investor enthusiasm about Chief Executive Edward Breen’s plan to split the conglomerate into three companies.
Breen said there was little or no sales growth last quarter in the Pembroke, Bermuda-based company’s fire, security and healthcare units. He cut forecasts for the third time in a year.
Tyco’s fiscal first-quarter profit was about 38 cents a share; the forecast had been 40 to 42 cents.
Shares of Tyco dropped $3.19, or 11%, to $27.12.
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