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Shares of Bloomin' Brands (NASDAQ: BLMN) were tumbling 10% lower in midday trading Friday, after the company reported fiscal third-quarter earnings that beat Wall Street estimates on the top and bottom line.
This seems to be a case of buy the rumor and sell the news for the owner of the Outback Steakhouse chain, because the restaurant operator said sales were doing better and its quarterly loss was narrower than expected.