AOL slumps to record low after reducing earnings forecast
AOL had a record decline in New York trading after reducing its annual earnings forecast, raising concerns that the company may not be able to turn itself around following the 2009 spinoff from Time Warner.
AOL fell $3.88, or 26 percent, to close at $11.19 in New York Stock Exchange trading, the biggest drop and the lowest level since the spinoff. Earlier, the slump prompted a so-called circuit breaker that temporarily halted trading.
Chief executive Tim Armstrong has been struggling to revive AOL after the separation from Time Warner, which undid a $124 billion merger that triggered record losses and sank the company's stock price. Rising global advertising sales in the second quarter, the first gain in three years, failed to overcome the continuing decline in subscriptions to Web access.
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Source: http://feeds.washingtonpost.com/click.phdo?i=5114278a87f431ed812992a846502aee
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