Advanced Medical Optics sinks on lower forecast (AP)

Friday October 10, 2:14 pm ET AMO plunges to all-time lows for second day on 3rd-quarter and full-year outlooks NEW YORK (AP) -- Shares of Advanced Medical Optics Inc. tumbled to an all-time low Friday after the eye care products maker cut its 2008 estimates, reporting a decline in laser vision procedures and an unexpected decrease in eye care sales. In afternoon trading, AMO shares lost $3.04, or 30.7 percent, to $6.86, compounding a 27.7-percent plunge on Thursday. The stock reached an all-time low of $6.78. Advanced Medical Optics shares began trading in June 2002, and set an all-time low of $7.70 the following month. The Santa Ana, Calif., company said spreading economic woes eroded its profit and revenue. It expects a 25-percent overall decrease in laser vision procedures, which have been falling all year. But it also... [read full story]