Martha Stewart Living Expects Rise in Sales
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Martha Stewart Living Omnimedia Inc., whose founder is involved in an insider stock-trading investigation, forecast a 15% increase in second-quarter revenue after selling more magazine advertising.
Profit will be 15 cents a share, the media and housewares company said, matching analyst estimates. The stock rose $2.05 to $16.45 on the NYSE.
Ad pages at Martha Stewart Living magazine rose 12% in the quarter, the company said.
Martha Stewart Living shares had fallen 16% in the last week on concern that founder Martha Stewart might be charged with securities law violations. Stewart, who has denied wrongdoing, sold shares of ImClone Systems Inc. a day before the stock plunged in December.
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