New Horizon Warning Sends Stock Down 48%

Shares of New Horizon Worldwide Inc. tumbled more than 48% Wednesday--the second largest percentage loss in U.S. markets--a day after the Santa Ana provider of computer training warned that it expects lower third quarter earnings.

The stock fell $11.25 a share to $12.13 in Nasdaq trading, wiping out virtually all of its gains this year. A total of 809,500 shares changed hands, compared with average daily volume of 66,400 shares over the past three months.

New Horizons warned Tuesday that it expects third quarter earnings of 24 to 26 cents a share, down from 30 cents a share a year ago, as revenue in Southern California, its largest market, failed to meet expectations.