AOL stock shares take nosedive
C|Net | at | by Mike
Shares of media behemoth AOL Time Warner fell for the second consecutive day Thursday as an analyst raised concerns over the growth prospects of the company's America Online division. Echoing concerns that have been in the market for several months, Lehman Brothers analyst Holly Becker trimmed estimates for the company's revenue and cash flow for the first quarter and the full year, citing expected declines for AOL's advertising revenue.
AOL Time Warner shares fell nearly 4 percent, or 93 cents, to $24.27 on the New York Stock Exchange, on top of about a 5 percent decline Wednesday. The shares were at their lowest level since Feb. 28. A company representative declined to comment.