NEW YORK (AP) — Shares of Tempur Sealy plunged in premarket trading after the mattress maker cut its fiscal outlook on weak third-quarter sales.
The stock fell more than 22 percent in premarket trading before the market open.
Lexington, Kentucky-based Tempur Sealy International Inc. now expects sales to fall between 1 percent and 3 percent in 2016. It previously said it expected a sales boost in the low single digits.
The company will report third-quarter financial results on Oct. 27.
The stock fell $16.60, or 22.3 percent, to $58.85 in trading before the opening bell.