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Emeritus shares drop on cut outlook for year

SEATTLE (AP) -- Shares of Emeritus Corp. fell Friday after the operator of assisted living centers for seniors cut its annual outlook for a financial metric.

"Our current leading key performance indicators have declined relative to expectations," said CEO Granger Cobb.

Emeritus, which has about 510 senior living communities in the U.S., now expects cash flow from facility operations of $1.95 to $2.05 per share. Its previous outlook was for $2.10 to $2.20 per share.

The Seattle company's stock declined $2.38, or 11 percent, to $19.34 in midday trading. The shares fell to $18.81 earlier in the session, the lowest level since August 2012.