Grill maker Traeger shares charred again after Weber CEO exit
25/07/2022 20:31
** Shares of wood pellet grill maker Traeger Inc COOK.N
down 7.2% to $3.28 on Mon
** COOK's shares falling for 4th straight session, hit new
record low
** Weber Inc's WEBR.N stock on Mon sunk as much as 22.5%
after barbecue grill maker announced its CEO Chris Scherzinger
stepping down effective immediately, and warned it might reduce
its workforce urn:newsml:reuters.com:*:nL4N2Z62G1
** WEBR also withdrew fiscal 2002 forecasts, suspended its
qtrly dividend, pointing to mounting inflation and geopolitical
uncertainty crimping demand
** Similarly, COOK last week said it was cutting jobs and
suspending operations at its Traeger Provisions meal-kit service
and postponing plans to manufacture products in Mexico to help
reduce costs urn:newsml:reuters.com:*:nL4N2Z12ZW urn:newsml:reuters.com:*:nNDL8M7Cj5
** COOK's shares have now lost >70% YTD and are well below
last July's IPO price of $18
** WEBR's shares last down 15.3% at $6.36 on Mon and have
fizzled ~50% this year. Co IPOd last August at $14
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))