Yesterday Live Nation (NYSE:LYV) shares plummeted after the company revised expectations for 2010 operating income and earnings. Today shares continue their slide, off by more than 10.25%.
Yesterday VIVUS (NASDAQ:VVUS) had their weight loss drug rejected by the FDA. Today the stock was downgraded by Jefferies to underperform and by Brean Murray to hold. Shares of VIVUS are down almost 57%.
Jinpan International Limited (NASDAQ:JST) reported preliminary unaudited net sales for the second quarter of 2010 of $36.8 million, a 10% decrease from $40.9 million for the same period last year. Preliminary second quarter net income and diluted earnings per share are expected to be approximately $2.0 million and $0.12, respectively.
The company reduced guidance for the full year. They now estimate net sales for 2010 will decrease approximately 10-15% compared to net sales in 2009. Net income is expected to decline 45-50% as compared to 2009, primarily due to delayed international orders and more taxes incurred this year.
Shares of Jinpan are down about 21.5%.
On light volume, shares of Flagstar Bancorp (NYSE:FBC) are drifting lower, off by 12%. And, on heavy volume, shares of Park-Ohio Holdings (NASDAQ:PKOH) are down almost 14%.
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