Shares of Gevity(GVHR Quote) were among the Nasdaq's losers Monday, slumping 17% after the human resources company cut its earnings forecast for the year.
The company now sees earnings of at least $1.31 a share, down from an earlier view of $1.43 to $1.47 a share. Analysts polled by Thomson First Call project earnings of $1.44 a share. The company said that not all aspects of its growth strategy, announced at the beginning of this year, are contributing as planned yet.
"We believe that the delay in further growth acceleration is temporary and can primarily be attributed to two initial challenges. The first is in reference to the pricing aspect of our new multi-carrier health benefit choice program; the second is a longer than anticipated sales cycle in the mid-market," Gevity said. Shares were trading down $3.78 to $20.45. ...
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