American Greeting (AM) Shares Not Seeing Any Christmas Cheer; Northcoast Downgrades Following Yesterday's 22% Plunge
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Price: $14.02 +0.57%
Rating Summary:
8 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
8 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Shares of American Greetings Corp. (NYSE: AM) briefly traded in positive territory Friday morning, but are now down about 2.5 percent and skidding along 52-week low levels.
The stock tumbled a jaw-dropping 21.8 percent Thursday morning following a third-quarter earnings miss and 37 percent decline from the prior year's quarter. Revenue was $463.6 million versus the consensus estimate of $439.43 million.
The company also cut FY12 cash flow from operating activities guidance, ex capex, in the range of $90-$110 million.
Investors know privately-owned Hallmark still holds the lions' share of the greeting card segment, but the poor earnings report and negative guidance sent shares of American Greeting wheeling.
Likely creating further downside this morning, Northcoast Research downgraded the stock from Buy to Neutral. The firm initially started coverage on American Greeting back on Oct. 20, 2011 with a Buy (oops).
The stock tumbled a jaw-dropping 21.8 percent Thursday morning following a third-quarter earnings miss and 37 percent decline from the prior year's quarter. Revenue was $463.6 million versus the consensus estimate of $439.43 million.
The company also cut FY12 cash flow from operating activities guidance, ex capex, in the range of $90-$110 million.
Investors know privately-owned Hallmark still holds the lions' share of the greeting card segment, but the poor earnings report and negative guidance sent shares of American Greeting wheeling.
Likely creating further downside this morning, Northcoast Research downgraded the stock from Buy to Neutral. The firm initially started coverage on American Greeting back on Oct. 20, 2011 with a Buy (oops).
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