Ethan Allen Shares Slump After Results Prereleased

CHICAGO (AP) — Shares of home furnishings retailer Ethan Allen Interiors Inc. sank Wednesday, a day after the company released preliminary third-quarter results and halved its dividend, prompting at least one analyst to downgrade the stock.

Shares of the company were down 83 cents, or 6.5 percent, at $12.04 in late-morning trading after dipping as low as $10.66 earlier in the session.

Raymond James analyst Budd Bugatch cut his rating on the Danbury, Conn.-based company to "Market Perform" on Wednesday, down from "Outperform" and placed estimates under review after the "disappointing" results issued late Tuesday. ...