Elsewhere in corporate news, Lexmark (LXK) was a big mover to the downside after the company lowered its second-quarter outlook on Thursday, citing a "weaker than expected demand environment, particularly in Europe, and a larger than expected impact from unfavorable changes in currency exchange rates."
The Lexington, Ky.-based printer maker now sees earnings excluding items of 87 to 89 cents a share for the June-ended period, below a previous guidance for a profit of 95 cents to $1.05 a share. The company expects revenue to decline 12% in the quarter from year-ago levels vs. a prior forecast for a 7-to-9% decline on the top line. The stock was down nearly 16%.
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-- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse.
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