Pitney Bowes Shares Plummet 15% On Miss (PBI)

Shares of Pitney Bowes Inc. PBI are trading down 15% at $21.17 per share during the Wednesday afternoon trading session. The day's trading range for shares of Pitney Bowes Inc has been between $21.12 and $23.44 per share. Analysts covering the company's stock give it a consensus price target of $25.75 per share. Volume of 8.3 million shares is more than 3 times the daily average volume of 2.3 million shares. Pitney Bowes Inc (PBI) announced on Tuesday after the market closed that it missed consensus Wall Street estimates. The company announced 2nd quarter earnings per share of 48 cents, on revenue of $1.3 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 57 cents per share, on revenue of $1.37 billion. Chairman, president and chief executive officer Murray D. Martin said, “We continue to implement a broad range of actions to manage through a prolonged period of global economic weakness. After seeing some early signs of stabilization among our small to mid-sized customer base in the first quarter, we experienced a decline in activity levels in the latter part of the second quarter. Our actions are positioning the company to deliver long-term value to customers and shareholders, despite the near-term impact of weaker demand.” Read more from Benzinga's Company news.