10:14 AM EST - MI Developments Inc. : has reported a 60 percent slump in fourth-quarter earnings, handicapped by its stake in horse-track operator Magna Entertainment. The property-management spinoff of Frank Stronach's Magna International auto parts enterprise, which reports in U.S. dollars, said Wednesday it earned $11.5 million in the quarter, down from $28.5 million a year earlier. MI Developments Inc.
shares T.MIM.A are trading down $1.00 at $22.35.
