Data aggregator CoreLogic Inc. said it plans to close its marketing services business and will record a charge of about $140 million against its third-quarter earnings as a result.
Shares of CoreLogic fell 41 cents, or about 3.7 percent, to $10.29 in premarket trading, following the company’s disclosure of its plans in a Securities and Exchange Commission filing after markets closed Tuesday.
CoreLogic said its board decided to close its marketing services business as a result of its previously disclosed and ongoing evaluation of certain assets that aren’t central to its business. The filing did not provide details on the size of the marketing services operations.
CoreLogic, based in Santa Ana, Calif., said it will recognize a pretax, noncash goodwill and intangible asset impairment charge of about $140 million for the quarter that ended Sept. 30.
The disclosure follows the company’s Aug. 29 announcement that it was considering selling itself and had hired Greenhill & Co. to advise it in the process.
CoreLogic tracks consumer, financial and property information for business and government. It became an independent company last year, when it was spun off from title insurer First American Financial Corp. Since then, it has divested certain business lines and taken other steps to cut costs. (AP)
