Stanley Furniture hits 52-week low on weak Q2
Shares of furniture manufacturer Stanley Furniture Co. (Nasdaq: STLY) continue to plummet to a 52-week low Tuesday, after it reported weak second-quarter earnings and cut guidance late Monday evening.
Shares of Stanley Furniture that had been trading in the range of $19.11 to $25.57 for the last 52 weeks, fell 13.99%, or $3.04, to $18.69.
The Stanleytown, Va.-based company reported a second-quarter loss of $2.4 million, or $0.23 cents per share for the three months ended June 30. Three analysts polled by Thomson Financial expected a profit of $0.22 per share.
The company attributed its second quarter loss to the soft housing market.
