Domino's shares drop $1 billion in minutes
16 August 2017
When a company announces a $300 million share buyback, misses key financial targets and reveals its chief executive is selling shares, it's a sign the party is over.
And so it was for pizza giant Domino's, which suffered a huge share price rout within minutes of the market opening on Tuesday.
No matter what spin chief executive Don Meij tried to put on the group's numbers, the market wasn't buying it.
Some of the early comments from broker sales desks included: "DMP not good", "FY17 Miss, FY18 Guidance light = Stock Lower", "Miss, Miss, Miss" and "weaker across the board, stock to trade lower".
Read More: http://www.smh.com.au/business/retail/miss-miss-miss--the-party-is-over-at-dominos-20170815-gxwvqd.html