RadioShack Shares Slump With Outlook
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RadioShack Corp. said slow August sales would batter its third-quarter earnings, sending its stock down more than 16% and underscoring weakness in the U.S. consumer electronics industry.
RadioShack, the No. 3 U.S. consumer electronics chain, said it now sees third-quarter total sales down as much as 3% to 4%, contrasted with previous estimates for growth of 2% to 3%.
RadioShack, which has more than 7,200 stores, said it sees earnings of 23 cents to 26 cents a share in the third quarter, down from its previous estimate of 33 cents.
Shares of the Fort Worth-based company fell $4.74, or 16%, to close at $24.21 on the NYSE, trading at five times its average daily volume for the last month.
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