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Near-Term Headwinds Hit Scotts Miracle-Gro Co (NYSE:SMG) With A Huge Impact

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Bank of America Corp (NYSE:BAC) has disclosed that Scotts Miracle-Gro Co (NYSE:SMG) has lately been experiencing several near term risks. Reports show that it sunk to a 52-week low after BofA Merrill Lynch inducted shares with a two-notch downgrade. The drastic drop from $100 to $80 showed how adverse the company’s sharp Q1 earnings miss had been, but there is no giving up yet.

Near-term headwinds and the associated impact

The near-term headwinds are proving to be by far much stronger and that is evident from the way they managed to overshadow the longer-term picture.

It was just recently that Scotts Miracle-Gro proceeded to purchase Sunlight Supply which happens to be a hydroponics distributor. Analysts keen on the latest developments have said that the new acquisition will end up impacting the [hydroponics] category in a major way. They also outlined that SMG had over an elongated period of time remained at the top in terms of market cap.

Why settle for Dave?

The other development is the move to promote David C. Evans. He is pleased to move from his former position as the company’s Chief Financial Officer to become one of the members to the Board of Directors.

The chairman and chief executive officer of the company Jim Hagedorn stated that they were excited to have Dave as part of the team. He revealed that he had been serving at ScottsMiracle-Gro in the position of the company’s CFO. He exuded great confidence in Dave’s strong leadership asserting that the large number of shareholders would be in a position to reap from the wide range of the resulting benefits. He welcomed him to the company promising him that they were going to cooperate with him to ensure that they helped the company scale higher.

Evans boasted of over 12 years of direct experience with Finance Committees at both ScottsMiracle-Gro and Battelle. He has also completed a number of development programs, including a leadership development program with The McChrystal Group and executive management program spanning a period of about one year in Northwestern University. Evans is expected to improve matters at the Company’s Audit Committee, but we will just have to wait and see.

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INDUSTRIAL HEMP3 months ago

Near-Term Headwinds Hit Scotts Miracle-Gro Co (NYSE:SMG) With A Huge Impact

Bank of America Corp (NYSE:BAC) has disclosed that Scotts Miracle-Gro Co (NYSE:SMG) has lately been experiencing several near term risks....

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