UPDATE 2-Magna profit drops more than expected, shares sink

Newswire

*Q2 EPS $1.15 vs $1.30 year ago *Q2 revenue rises 24 pct *Sees slight rise in FY11 sales at $27.5-$28.9 bln *Cuts operating margins to about 5 pct *Shares down 21 percent (Adds details, analyst comment, conf call details, shares) By Gowri Jayakumar BANGALORE, Aug 5 (Reuters) - Magna International , one of the world's biggest auto-parts makers, said on Friday quarterly profit dropped on a weak performance in Europe and it cut its profit margin outlook, sending the shares ...

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