Ryder's (R Quote) shares fell 7.8% to $45.42 after the truck renter lowered its earnings forecast for the third quarter, primarily because of soft results in its U.S. Fleet Management Solutions segment.
The company now expects adjusted profits of $1.12 to $1.14 a share for the quarter, down from the previous range of $1.20 to $1.23. Ryder believes economic conditions will remain sluggish through the fourth quarter, and it cut its full-year earnings outlook to a range of $4.10 to $4.15 from the prior $4.30 to $4.35 estimate.
Real estate development company St. Joe (JOE Quote) dropped after saying it would make moves to lower its costs, including job cuts, the elimination of its dividend and a reduction in capital spending. Additionally, St. Joe plans to shed some of its assets, including the Sunshine State Cypress Mill, certain land parcels with commercial entitlements and about 100,000 acres of rural land. ...
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