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Gallery Chain’s Stock Falls: The stock of...

From Times Staff and Wire Reports

Gallery Chain’s Stock Falls: The stock of Martin Lawrence Limited Editions Inc. fell $2.13 per share to close at $4.50 a share in over-the-counter trading after the Van Nuys art retailer predicted that its earnings for the second quarter ending June 30 would fall more than 58%. Martin Lawrence estimated that its per-share earnings would fall to between 6 and 10 cents from 24 cents a year ago. The company said it expected its revenue to fall 12% to 17%. It blamed the declines on unexpectedly low prices for contemporary art at large auctions in New York earlier this year.


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