Imation Slides 16% on Earnings Shortfall; Explores Strategic Options - TheStreet

Data storage systems maker

Imation

(IMN)

was down 15.9% in early trading after it said third-quarter results would be about break-even, well below the Street estimate of 40 cents and the year-ago 37 cents.

The company said it hired

Goldman Sachs

to explore strategic options. Imation blamed the earnings difficulties on weak demand, pricing pressure and foreign exchange problems.