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Stanley Works cuts FY earnings view on charge
(Reuters) - Tool maker Stanley Works (SWK.N) cut its full-year earnings outlook, citing a one-time charge related to its acquisition of rival Black & Decker Corp BDK.N.
Stanley cut its 2009 earnings outlook to $2.61 to $2.71 a share from $2.84 to $2.94 a share.
The company expects to record an $18 million charge in the fourth quarter, reflecting fees and expenses related to the Black & Decker acquisition.
On Monday, Stanley said it would buy Black & Decker for $3.46 billion in stock.
The revision in forecast does not reflect any change in its operational outlook, Stanley said.
Shares of the company closed at $49.62 Thursday on the New York Stock Exchange.
(Reporting by Fareha Khan in Bangalore; Editing by Anne Pallivathuckal)
