Thanksgiving Eats Resources Connection (RECN)
Resources Connection (RECN) will miss its quarterly guidance because of when Thanksgiving falls this year, according to Reuters. Revenue will only hit $200 million. Wall St. wanted $216.5 from the temp professional employee company.
Profit for the quarter ended Aug. 31 rose to $11.6 million, or 23 cents per share, from $11 million, or 22 cents per share, in the year ago period. Revenue rose 18 percent to $194.1 million from $165.1 million last year The company only trades at 1.9x sales.
But five firms downgraded the shares. That includes Piper Jaffray, JMP Securities, Bear Stearns, Robert W. Baird, and Stifel Nicolaus.
Not much holiday spirit in that.
Douglas A. McIntyre