Valassis sinks to 52-week low after missing Q2 expectations
Shares of Valassis Communications Inc. (NYSE:VCI) have sunk almost 19% today after its second-quarter profits missed Wall Street estimates after Wednesday’s close. Net income for the second quarter was $7.3 million, or $0.15 per share, compared with $9.8 million, or $0.20 a share, from the same period a year earlier. Revenues dropped to $594.9 million, about 2.8% lower than a year ago. Wall Street was expecting the Livonia, Mich.-based company to earn $0.25 per share on revenues of $615.7 million.
In today’s trading, shares of the marketing services company are at $8.90 at 1:49 p.m. ET, down $2.23 from Wednesday’s close. The stock hit a 52-week low of $7.35 early in the trading session. Trading volume is more than seven times the average number of shares.
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