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NEW YORK - Shares of Fleetwood Enterprises Inc. tumbled to a new 52-week low Friday, after the maker of recreational vehicles and manufactured homes priced a public stock offering at a discount and fellow RV maker Winnebago Industries Inc. reported a 73 percent drop in third-quarter profit on high gas prices and weak economic conditions.
In late morning trading, Fleetwood shares fell 13 cents, or 3.5 percent, to $3.57, after dropping as low as $3.35 earlier in the day--passing its previous low by 2 cents.
Fleetwood priced its offering of 12 million shares at $3.40 a piece, representing an 8.1 percent discount to the stock's Thursday closing price of $3.70.
Meanwhile, Bob Olsen, Winnebago's chairman, president and chief executive, told analysts in a conference call following the company's earnings report that the motor home market declined significantly during the third quarter and has yet to show any signs of recovery.
In addition, Olsen said it expects dealers to continue to lower their inventories, and said a price war may ensue.
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