Imation stock falls after third-quarter warning

OAKDALE (AP) -- Imation Corp. stock fell more than 13 percent Friday after the company said it expects third-quarter revenues to be down 16 percent and is considering sale of the company.

Imation, a spinoff of 3M that makes data storage and color proofing products, announced after the close of regular trading Thursday that it had hired the investment banking firm of Goldman, Sachs & Co. to explore strategic options.

The company's shares were down $2.563 at $16.75 in early afternoon trading Friday on the New York Stock Exchange.

Preliminary results for its third quarter show a revenue decline of 16 percent from the same quarter a year ago, when revenues were $346 million.

Imation expects full-year operating income to be below estimates of $67 million to $71 million.