Reuters: Hot Stocks: Olam shares tumble to near 3-yr low on weak earnings

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Olam shares tumble to near 3-yr low on weak earnings May 16th 2012, 01:17 SINGAPORE | Tue May 15, 2012 9:17pm EDT SINGAPORE May 16 (Reuters) - Shares of Olam International fell as much as 9.5 percent to its lowest in nearly three years after the commodity company's earnings and outlook spooked investors and analysts warned that consensus estimates would be slashed. By 0110 GMT, Olam shares were 7.5 percent lower at S$1.85 with 7.3 million shares traded in the first ten minutes of trade, compared to full-day average volume of 21.4 million over the last five sessions. Olam shares have fallen nearly 13 percent so far this year, in a broader market up 8 percent. Olam's January-March net profit declined 22.5 percent to S$98.7 million from a year ago, hurt by lower sales from its industrial raw materials segment. (Reporting by Charmian Kok; Editing by Anshuman Daga)

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