Liz Claiborne (NYSE:LIZ) Crushed on Lowered Guidance

Shares of Liz Claiborne (NYSE:LIZ) got hit hard Friday on the news the company had lowered their guidance after anemic sales in December.

Barclays responded saying, "Disappointing December sales and gross profit in its Lucky Brand, Juicy Couture, and Mexx Europe businesses led the company to reduce its outlook for 2H10...As a result of these challenging trends in the business we are lowering our 4Q10 EPS estimate to $(0.14) from $0.05 and our 2010, 2011, and 2012 EPS estimates to $(0.95), $(0.25) and $0.25, from $(0.70), $0.40 and $1.00, respectively."

Barclays maintains an "Equalweight" rating on Liz Claiborne, which closed Friday at $6.01, dropping $0.89, or 12.90 percent. Barclays lowered their price target on Liz from $10 to $7.