NEW YORK (
was the worst-performing stock in the
on Thursday morning.
The S&P 500 was rising 1.7 points, or 0.12%, to 1,392.39.
Shares of H&R Block declined 11.89% Thursday morning to $14.75. The tax preparation company announced Wednesday that it intends to close 200 underperforming offices and will cut 350 full-time employees from its Kansas City headquarters.
Through these cuts, H&R Block anticipates it will save between $85 million and $100 million by the end of fiscal-year 2013.
H&R Block trades at an estimated price-to-earnings ratio for next year of 8.98 times; the average for specialized consumer services companies is 15.78.
Five of the 9 analysts who cover H&R Block rated it buy; four analysts gave the stock a hold rating.
gives H&R Block a
and hold rating. The stock has fallen 9.8% year to date.
-- Written by Alexandra Zendrian
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