Rent-A-Center stock continues downward spiral, hits over 2-year low on dimmed outlook

Tim Boyle

• Rent-A-Center (NASDAQ:RCII) stock extended losses on Friday, falling as much as 19.4% to an over two-year low, after the rent-to-own firm reduced its Q3 forecast.
• Over 1.4M shares changed hands as of 11.08 am ET vs. average trading volume of 631.7K.
• RCII said retail traffic and customer payment behavior were affected by macroeconomic headwinds, aggravated by higher inflation.
• The company did not update or reiterate its outlook for 2022.
• RCII will provide an update on Q4 with its earnings report, which is expected in early Nov.
• The company also appointed Fahmi Karam as its new finance chief, effective Oct. 31.
• Read why RCII is at high risk of cutting its dividend, according to SA Quant's rating system.