The company now sees earnings growth of 5% for 2011, down from a prior forecast for growth of 5-to-10%.
The stock was last quoted at $14.90, down 10.4%, on volume of more than 160,000, according to Nasdaq.com. Year-to-date, the shares were already down 4%.
McGraw-Hill (MHP) shares rose in late trades following a report that major shareholders plan to push the publishing company toward a reorganization.
According to The Wall Street Journal, hedge fund Jana Partners and the Ontario Teachers' Pension Plans want the company to separate its textbook operations from its Standard & Poor's ratings unit. The investors have increased their joint stake in McGraw-Hill to 5.2% of its outstanding stock, the WSJ article said.The stock was up almost 6% to $43.80 on volume of around 60,000 in extended trading. The shares have risen nearly 15% so far this year. --Written by Michael Baron in New York.
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