Ruby Tuesday gains 16% on raised 2009 earnings per share estimates

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Ruby Tuesday Inc. (NYSE:RT) is soaring more than 16% today after two financial institutions raised the restaurant chain’s 2009 estimates. Cowen & Company announced ahead of the bell it was increasing 2009 earnings per share estimates to $0.60 per share, up from $0.50 a share. Also, Credit Suisse raised the estimates before the opening to $0.59 per share, up from $0.53. On Wednesday after the close, Ruby Tuesday reported a drop in fourth-quarter profits, but the results were better than analysts’ expectations. The Maryville, Tenn.-based company said it expects its fiscal year 2009 earnings per share between $0.50 and $0.70.

Today, shares of Ruby Tuesday are at $6.15, up $0.86 from Wednesday’s close. Shares have ranged from $5.07 to $26.83 during the past 52 weeks.

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