Groupon Inc. shares plummeted in the extended session Tuesday after being halted for more than two hours after the online deals company issued a weak outlook and named a new chief executive. Groupon shares plunged 26% to $2.98 on heavy volume. Shares had climbed 5.2% to close the regular session at $4.03. Right after the closing bell, Groupon shares were halted and the company announced it expected an adjusted loss of 1 cents a share to earnings of 1 cent a share in the fourth quarter on revenue of between $815 million and $865 million. Analysts surveyed by FactSet had forecast 7 cents a share on revenue of $956.8 million. Also, Groupon named Rich Williams as the new CEO, replacing Eric Lefkofsky, who will replace Ted Leonsis as chairman.
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