Magna Entertainment took another major hit in the stock market Monday when its stock dropped 14% to $3.45.
The racing conglomerateês stock has lost 32% of its value since Aug. 1 when it revealed that second quarter earnings failed to meet analysts' projections. Magna reported earnings of 1 cent per share compared to 3 cents per share for the quarter of 2001. Analysts' had projected 3 cents a share for the quarter.
Monday trading was heavy with more than 1.36 million shares trading hands compared with the company's average daily volume of 310, 090 shares. The stock fell as low as $3.15 during the day, which was a new 52-week low and only 34 cents above Magna's all-time low of $2.81 cents set April 14, 2000--a month and half after the company went public.