SAKS STOCK DIPS ANOTHER 1/4 POINT
NEW YORK — Shares of Saks Holdings, which lost 33 percent of their value on Wednesday, slid another 1/4 point Thursday to close at 19 1/2.
On Wednesday, the stock collapsed 9 5/8 points a day after Saks told analysts that sluggish sales would cause first-quarter earnings to come in at about 20 cents a share, well below Wall Street’s mean estimate of 33 cents.
Wednesday’s decline also came after Saks announced a $290 million offer to buy Barneys in a deal in which half the payout would be in Saks stock. The Saks offer is in conjunction with Isetan Co. Ltd.
About 1.9 million shares traded hands Thursday versus 8.2 million on Wednesday.