You didn't need to clip coupons to get a deal on Tide last week--or Pampers or Crest or Ivory. In fact, shares of Procter & Gamble, the maker of these top-selling household products, were marked down 30% in one breathless Tuesday morning on Wall Street.
The reason? Ostensibly because the $38 billion-a-year behemoth delivered some unexpected bad news--and Wall Street hates surprises--warning that its upcoming third-quarter earnings would fall 10% from the year before, instead of rising 7% as anticipated. For that transgression, Procter's shares were hammered, dropping $27 to $60 and shedding some $35 billion, or roughly a third of...
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