RadioShack Shares Slide on Earnings Outlook
From Associated Press
RadioShack Corp. lowered its earnings outlook because of a slowdown in wireless sales and a weaker-than-expected performance in its battery business.
The consumer electronics retailer’s shares skidded $3.11, or 11%, to close at $24.60 on the New York Stock Exchange. The close was the stock’s lowest since June 2003.
The Fort Worth-based company lowered its first-quarter earnings forecast to between 30 cents and 34 cents a share from a previous forecast of 39 cents to 41 cents. It also said it would probably fail to achieve its full-year forecast for earnings of $2.34 to $2.40 a share.
