Puma drops 10% after Q2 miss, lowered guidance
** Shares of Puma PUMG.DE slump around 10% to February lows after the German sportswear maker narrowed its core profit outlook for 2024 and reported Q2 EBIT miss
** It now expects operating profit (EBIT) between 620 million and 670 million euros ($677-$731 million), compared to a previous range of 620 million to 700 million euros
** Baader Helvea deems the Q2 results as "mixed" pointing to 1% miss on sales and 3% miss on EBIT
** "In the context of more positive positioning into the print among shorter term investors, the Q2 miss and guidance cut are likely to see the shares come under pressure this morning" - JPM
** Shares are at the bottom of the STOXX 600 .STOXX index and, if losses hold, will see their worst day since October 2023
($1 = 0.9163 euros)
Reporting by Isabel Demetz and Linda Pasquini
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