Ahead of formally reporting results for their big fiscal fourth quarter, which ends May 31, Scholastic announced a sharp reduction in their estimates of earnings for the year. The fourth quarter is “typically” when they earn most of their operating income for the year. Shares fell over 10 percent in the first hour of trading on Friday, down about $4.00 a share, which would be the stock’s lowest level since 2014 if it holds. Earnings per share, excluding one-time items, is now expected to range from $0.83 to $1.03 a share — down significantly from the already-softened forecast last quarter […]