Why Party City Stock Was Getting Deflated Today
Shares of Party City (NYSE: PRTY) were getting left out of the party today after the festive retailer posted disappointing second-quarter results, offered weak guidance, and said it would sell all 65 of its Canadian stores to Canadian Tire. As a result, the stock closed down 18.3%.
The news was especially disappointing for investors, as Party City had given the impression in its first quarter that it had turned the corner following issues with its helium supply, though that bugaboo came back to haunt it this time, as well.
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