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What: Shares of publisher Scholastic (Nasdaq: SCHL) were getting schooled by sellers today, falling as much as 14% after a disappointing earnings report.

So what: For its fiscal third quarter, Scholastic reported an $0.81 loss per share on $394 million in revenue. Revenue was down slightly from the prior year, while the per-share loss widened significantly from a year ago. Based on the seasonal pattern of Scholastic's business, the third quarter generally ends with a loss. However, investors were particularly disappointed with the results since analysts were expecting a loss of just $0.22.

Now what: Technology has been a key investment area for the company as it has been looking for growth opportunities online and through e-books. It's been fighting tough headwinds though as traditional publishers continue to feel pressure and tight state and local budgets crimp school spending. It doesn't appear that things are improving either as the quarterly earnings release also brought a steep cut to management's full-year outlook. The company now sees fiscal 2011 earnings per share of $1.25 to $1.40, down from a range of $1.80 to $2.05 in December.

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