The Wall Street Journal reported that CIT Group (NYSE:CIT) is working on a debt exchange deal that would elimate a portion of the company's debt while giving bondholders control over the company. Speculation that such a deal would leave current equity holders with little to no stake in the restructured company has shares plunging early Wednesday, down over 36%.
Worthington Industries (NYSE:WOR) reported earnings of 8 cents for its quarter ended August 31, up from a net loss of 17 cents per share in the prior quarter, but down from earnings of 86 cents in the same quarter last year. Net sales plunged year over year, from just over 913 million, down to 417.5 million. Shares dropped over 10% in early trading Wednesday.
Iconix Brand Group (NASDAQ:ICON) disappointed investors today, lowering its full year 2009 guidance. For the year, the company now expects to earn between a dollar 6 and a dollar 11 per share, down from prior guidance of a dollar 16 to a dollar 21. Iconix shares fell nearly 20% on the news.
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