HNI Corporation slides after lowering guidance

• HNI Corporation (NYSE:HNI) reduces Q3 and FY16 guidance after warning that demand in the office furniture and hearth segments is weaker than anticipated.
• "Sales for the quarter did not develop as expected. Economic uncertainty is weighing on our markets making them more dynamic and difficult to predict than recent periods," says HNI.
• Raymond James lowers its rating on HNI to Market Perform from Outperform after factoring in the guidance cut.
• Shares of HNI are down 13.60% premarket to $46.84.