0.31%QQQQ 43.45 
0.48%XLF 21.74 3.62%
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MINNEAPOLIS - Valspar Corp., which makes paints and coatings, said Monday its 2008 profit will likely miss Wall Street analysts' estimates due to higher raw-material costs and a slowdown in demand in the U.S.
| VAL | 23.22 |  -0.07 |
The company said it now expects profit between $1.55 and $1.65 per share. Analysts polled by Thomson Financial expect profit of $1.69 per share.
Valspar said raw-material costs have jumped more than the company expected. The company now anticipates soft demand in the U.S. for the rest of the year.
The company added it will raise prices, reduce costs and try to garner new business to offset the lower demand and higher raw-material costs.
Shares fell $1.37, or 6.3 percent, to $20.50 in premarket trading. The shares closed at $21.87 Friday.
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