real-time news and commentary for investors
Monday, Sep 16
Outerwall resumes trading, shares -20.3% AH
- Following its warning, Outerwall (OUTR) is trading at $44.60, down 14% YTD and not far removed from its 52-week low of $40.50.
- The company promises net revenue per rental will grow in Q4 after dropping in Q3, as it "adjusts" its Redbox promotional strategy. However, rental expectations for the quarter have been cut by 6.5M units; Outerwall blames shifts in movie availability dates to later in Q4 or early 2014.
- Outerwall also says it will "align its cost structure," and will "accelerate" its review of its New Ventures initiatives, which include its ecoATM electronics recycling kiosk business, "to ensure they provide the appropriate level of risk adjusted returns."