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.
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.