RCII - Rent-A-Center stock continues downward spiral falls 14% premarket on dimmed outlook
- Rent-A-Center ( NASDAQ: RCII ) stock extended losses on Friday, dropping ~14% before the bell, after the rent-to-own firm reduced its Q3 forecast .
- RCII said retail traffic and customer payment behavior were affected by macroeconomic headwinds, aggravated by higher inflation.
- The company did not update or reiterate its outlook for 2022.
- RCII will provide an update on Q4 with its earnings report, which is expected in early Nov.
- The company also appointed Fahmi Karam as its new finance chief, effective Oct. 31.
- Read why RCII is at high risk of cutting its dividend, according to SA Quant's rating system .
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Rent-A-Center stock continues downward spiral, falls 14% premarket on dimmed outlook