Reuters: Global Markets: CBRE shares sink after company misses forecast, cuts outlook

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

CBRE shares sink after company misses forecast, cuts outlook Oct 31st 2012, 16:58 NEW YORK | Wed Oct 31, 2012 12:58pm EDT NEW YORK (Reuters) - Shares of CBRE Group Inc (CBG.N) sank on Wednesday after the company reported lower-than-expected results and cut its full-year forecast, citing concerns about the U.S. election, possible U.S. federal spending cuts and global economic softness that reduced property sales and leasing activity. Shares of real estate services company CBRE were down 4.1 percent, or 74 cents, at $17.51 Wednesday afternoon on the New York Stock Exchange, which resumed trading after two days of suspension due to Hurricane Sandy. Shares had been down more than 7.4 percent to $16.86 in the morning. Late Tuesday the real estate services company reported earnings, after one-time items, of $83.6 million, or 26 cents per share, missing the average of analysts forecast of 33 cents per share according to Thomson Reuters I/B/E/S. Its high margin businesses are fueled by commissions based on brokering property sales and leases. The Los Angeles-based company also clipped its forecast for 2012 earnings, excluding charges, to the range of $1.15 to $1.20 per share, down from its prior forecast of $1.20 to $1.25 per share.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions