Groupon losses highlight mild tech action |
| MarketWatch - Apr 2, 2012 |
Tech stocks started April out on a mixed note Monday, with declines from Groupon Inc. taking the spotlight following the online daily deal company’s announcement that it’s revising its fourth-quarter results.
Groupon /quotes/zigman/7212269/quotes/nls/grpn GRPN -11.45% shares fell by $2.17, or 12%, to $16.21 as investors showed their ire over the company on Friday cutting its fourth-quarter earnings by $22.6 million and its quarterly sales by $14.3 million. Groupon said it made the changes due to reserves it had to set aside for customer refunds mostly due to higher-priced offers that also tend to have greater refund rates.
The company reaffirmed its first-quarter forecasts for revenue of $510 million to $550 million.
Bank of America Merrill Lynch analyst Justin Post on Monday cut his rating on Groupon’s stock to neutral from buy, saying that the company’s accounting restatement was “not defendable.”
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- Posted: 2012-04-02 11:34:29
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