Two weeks ago, Owens-Illinois (ticker: OI) surprised investors by cutting its earnings guidance for the third quarter.

Owens, the world's largest maker of glass containers, expects earnings per share to fall 5% from the year-ago period, down from previous guidance, which called for a 10% increase. Softer beer sales in North America were cited as the main culprit. Owens will report earnings on Oct. 28.

Since...