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Why Crown Holdings Stock Was Tumbling Today
Shares of Crown Holdings (NYSE: CCK) were tumbling today after the packaging manufacturer said rising costs ate into profits in its third-quarter earnings report, and it slashed its guidance for the full year. Crown Holdings, which makes products like aluminum and steel cans for food and beverages, posted solid top-line growth in the quarter as revenue was up 11.6% to $3.26 billion, though that was slightly below analyst estimates at $3.3 billion.
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