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Why Wolverine World Wide Stock Was Down Over 20% on Wednesday

Why Wolverine World Wide Stock Was Down Over 20% on Wednesday

Wolverine World Wide (NYSE: WWW) stock fell hard on Wednesday as shares declined 29% by 12:30 p.m. ET, compared with a 0.6% drop in the S&P 500. It was sparked by an earnings announcement that depicted a surprisingly weak third quarter for the business. Both the revenue and profit figures were below management's expectations, it said in an investor presentation.