EMI Hits Another Sour Note

EMI shares dropped another 12% after it announced yesterday that sales January through March 31would drop 15% and earnings would miss analysts’ estimates. The company had already warned in January that profits for the year would be 6-10% lower than analyst expectations. EMI dropped 28.75 pence (56.4 cents) to 210.75 pence ($4.13) at yesterday’s close in London.

EMI said the revised estimates were due to an "unprecedented level of market decline” and "an exceptionally high level of product returns."  The sales drop in North America was a whopping 20% despite recent releases by Norah Jones, Robbie Williams and others.