The Carlsbad, Calif.-based golf equipment maker also said it now expects to report a pro forma loss of 55 to 75 cents a share for fiscal 2012. Wall Street's current consensus estimate is for a loss of 21 cents a share for the full year.
Shares of Family Dollar (FDO) lost 1.83% to $68.65 after Bank of America Merrill Lynch lowered its rating on the stock to underperform and dropped its 12-month price target to $60 from $71, citing rising concerns about the off-price retailer's strategy and execution abilities.
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-- Written by Andrea Tse and Alexandria Zendrian in New York.
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