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| UK Market Update Archive: |
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Taylor Wimpey, Marks & Spencer Plunge
Jul 02, 4:51 PM EDT |
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| UK stocks declined after Marks & Spencer issued earnings warning and home builder Taylor Wimpey suspended its dividend and forecasted gloomy outlook. |
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| Marks & Spencer dropped 24% after it reported same store sales declined 5.3% in the UK. The company warned that earnings will be revised on the lower sales in the UK. Other retailers fell sharply and dragged benchmark index lower. Taylor Wimpey, home builder announced that it will cut its dividend and take a write-off of £660 million. The home builder forecasts weak housing market till 2009 and also failed to attract new capital. Taylor stock dropped as much as 46%. |
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