WebMD Shares Slide 24%
Shares of WebMD Health Corp (NASDAQ:WBMD) dropped 24% Tuesday after ending a plan to sell, when an unknown number of potential buyers performed due diligence on the company. Wayne Gattinella has stepped down as president and chief executive officer. Anthony Vuolo, current chief operating officer and chief financial officer, will serve as interim-CEO.
WebMD predicts 2012 revenue may decrease 2-8% compared to 2011. WebMD said they had discussions with various possible buyers to conduct due diligence of its business. A special committee of the board of directors “has terminated these discussions…and its process to review a potential sale of the company.”
Here’s how shares are reacting to the news now:
WebMD Health Corp. (NASDAQ:WBMD): WBMD shares recently traded at $26.11, down $10.62, or 28.91%. They have traded in a 52-week range of $25.56 to $58.55. Volume today was 4,260,157 shares versus a 3-month average volume of 868,406 shares. The company’s trailing P/E is 17.71, while trailing earnings are $1.47 per share.