Nicholas Heymann Market Quotations

We have decided to take the unusual step and reduce our rating on WHR to Sell to reflect what we strongly believe is the potential for significant near-term downside risk due to a series of massive changes rapidly altering the historic ways the appliance business is conducted in North America, ... The net result of this change will, in our opinion, be a slow, but steadily building decline in market share for WHR, accompanied by steadily increasing pricing pressures, which we believe could far disproportionately impact Whirlpool versus other manufacturers.