Biggest Decliners Monday
Acco Brands Corp. (NYSE:ABD - News) was downgraded to neutral from outperform at Credit Suisse.
Align Technology (NasdaqGM:ALGN - News) was downgraded to market perform from outperform at Barrington Research, citing valuation.
Allergan Inc. (NYSE:AGN - News) reported fourth-quarter earnings of $136.8 million, or 89 cents a share, down from a year-ago profit of $140.1 million, or $1.03 a share. On an adjusted basis, excluding certain charges, the company earned $156.5 million, or $1.02 a share, in the latest quarter. The average estimate of analysts polled by Thomson Financial was for a profit of $1.02 a share in the December period. Looking ahead, the Irvine, Calif., medical and healthcare products company said it expects adjusted earnings of $4.27 to $4.31 a share for fiscal 2007 on total product net sales of between $3.46 billion and $3.63 billion. For the first quarter, it sees adjusted earnings of 88 to 90 cents a share on total product net sales of between $830 million and $850 million. Wall Street's current consensus estimates are for earnings of $4.31 a share for the year and 98 cents a share for the March quarter.
Allstate (NYSE:ALL - News) reported a 17% increase in fourth-quarter profit, but the insurer's results missed analyst estimates and the company said it will stop giving profit forecasts.
Buckeye Technologies' (NYSE:BKI - News) said second-quarter net income more than doubled to $3.82 million, or 10 cents a share, from $1.85 million, or 5 cents a share, a year earlier, as the company cut costs. The Memphis cellulose and absorbent products company's sales dropped 1.9% to $184.7 million from $188.3 million. Costs of goods sold fell 4.2% to $155.7 million from $162.5 million. On average, analysts expected the company to post earnings of 11 cents a share and revenue of $199.5 million, according to Thomson Financial.
Calumet Specialty Products (NasdaqGM:CLMT - News) was downgraded to neutral from buy at Goldman Sachs.
Celestica (NYSE:CLS - News) shares fell after the company said its fourth-quarter net loss widened to $60.8 million, or 27 cents a share, from $28.2 million, or 12 cents a share, as costs of sales rose. The most recent quarter's results include a $30 million net charge related to an increase in inventory at a Mexico facility and a $59 million restructuring charge. Excluding amortization of intangible assets, among other items, the Canada-based provider of electronics manufacturing services posted per-share earnings of 3 cents vs. 13 cents in the prior year. Revenue rose 9% to $2.26 billion from $2.08 billion. The company sees an adjusted first-quarter per-share loss of 4 to 15 cents, on revenue of $1.7 billion to $1.9 billion. The company was also downgraded to underperform from peer perform at Bear Stearns.
U.S.-listed shares of Chinese companies fell, tracking steep losses in their home market after a senior legislator said the market may be overheated after a 130% gain in 2006. The comments by Cheng Siwei, vice-chairman of the standing committee of the National People's Congress, in an interview with the Financial Times, raised concerns the Chinese government may take official action to cool speculation after the market hit a record high last week. Chinese ADRs such as Guangshen Railway (NYSE:GSH - News), China Mobile (NYSE:CHL - News), Aluminum Corp. China (NYSE:ACH - News), China Life Insurance (NYSE:LFC - News) and Sinopec (NYSE:SNP - News) were all markedly lower.
Electronics For Imaging's (NasdaqGS:EFII - News) fourth-quarter earnings fell 38% to $7.08 million, or 12 cents a share, from $11.4 million, or 18 cents a share, a year earlier. On a non-GAAP basis, the Foster City, Calif., provider of digital controllers said earnings fell to $22.6 million, or 35 cents a share, from $23.1 million, or 36 cents a share. Revenue rose 5.8% to $153.9 million from $145.4 million in the year-ago period. The company expects to delay its Form 10-K filing for 2006 due to its ongoing stock-option grant investigation. The company sees first-quarter non-GAAP earnings of 25 to 27 cents a share on revenue of $140 million to $143 million.
Haemonetics' (NYSE:HAE - News) shares tumbled after the maker of automated blood processing systems provider forecast earnings of adjusted $2.05 to $2.17 per share for fiscal 2007 with revenue expected to rise between 7% and 9%. The company said this view reflect expectations for continued sales declines in its Japanese business.
Juniper Networks Inc. (NasdaqGS:JNPR - News) reported fourth-quarter revenue rose 4% to $595.8 million, from $575.5 during the same period one year ago. The sales figure slightly topped the estimates of Wall Street analysts surveyed by Thomson Financial, who had forecast $593 million.
Key Tronic (NasdaqGM:KTCC - News) shares dropped after the Spokane, Wash., provider of electronic manufacturing services posted a second-quarter profit of $300,000, or 3 cents a share, down from a profit of $1 million, or 10 cents a share, last year. The latest results include a charge of $940,000 related to a customer unexpectedly declaring bankruptcy in December. Key Tronic also said that new customer programs weren't enough to offset reduced demand from certain existing customers in the latest quarter.
Manitowoc Co. (NYSE:MTW - News) reported fourth-quarter net earnings of $43.9 million, or 69 cents a share, compared with $18.2 million, or 30 cents a share, in the same period last year, on strong revenues in the company's crane segment.
NutriSystem (NasdaqGS:NTRI - News) shares fell after the Horsham, Pa., provider of weight management and fitness products and services forecast first-quarter earnings of 82 to 86 cents a share on revenue of between $200 million and $210 million. Wall Street's current consensus estimate is for a profit of 94 cents a share in March period on revenue of $214 million.
Public Service Enterprise Group (NYSE:PEG - News) said its fourth-quarter earnings from continuing operations fell to $173 million, or 69 cents a share, from $227 million, or 92 cents, a year earlier. The average earnings estimate of seven analysts surveyed by Thomson Financial was 74 cents a share.
Regeneron Pharmaceuticals (NasdaqGM:REGN - News) was initiated with an average rating at Caris & Co.
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Align Technology (NasdaqGM:ALGN - News) was downgraded to market perform from outperform at Barrington Research, citing valuation.
Allergan Inc. (NYSE:AGN - News) reported fourth-quarter earnings of $136.8 million, or 89 cents a share, down from a year-ago profit of $140.1 million, or $1.03 a share. On an adjusted basis, excluding certain charges, the company earned $156.5 million, or $1.02 a share, in the latest quarter. The average estimate of analysts polled by Thomson Financial was for a profit of $1.02 a share in the December period. Looking ahead, the Irvine, Calif., medical and healthcare products company said it expects adjusted earnings of $4.27 to $4.31 a share for fiscal 2007 on total product net sales of between $3.46 billion and $3.63 billion. For the first quarter, it sees adjusted earnings of 88 to 90 cents a share on total product net sales of between $830 million and $850 million. Wall Street's current consensus estimates are for earnings of $4.31 a share for the year and 98 cents a share for the March quarter.
Allstate (NYSE:ALL - News) reported a 17% increase in fourth-quarter profit, but the insurer's results missed analyst estimates and the company said it will stop giving profit forecasts.
Buckeye Technologies' (NYSE:BKI - News) said second-quarter net income more than doubled to $3.82 million, or 10 cents a share, from $1.85 million, or 5 cents a share, a year earlier, as the company cut costs. The Memphis cellulose and absorbent products company's sales dropped 1.9% to $184.7 million from $188.3 million. Costs of goods sold fell 4.2% to $155.7 million from $162.5 million. On average, analysts expected the company to post earnings of 11 cents a share and revenue of $199.5 million, according to Thomson Financial.
Calumet Specialty Products (NasdaqGM:CLMT - News) was downgraded to neutral from buy at Goldman Sachs.
Celestica (NYSE:CLS - News) shares fell after the company said its fourth-quarter net loss widened to $60.8 million, or 27 cents a share, from $28.2 million, or 12 cents a share, as costs of sales rose. The most recent quarter's results include a $30 million net charge related to an increase in inventory at a Mexico facility and a $59 million restructuring charge. Excluding amortization of intangible assets, among other items, the Canada-based provider of electronics manufacturing services posted per-share earnings of 3 cents vs. 13 cents in the prior year. Revenue rose 9% to $2.26 billion from $2.08 billion. The company sees an adjusted first-quarter per-share loss of 4 to 15 cents, on revenue of $1.7 billion to $1.9 billion. The company was also downgraded to underperform from peer perform at Bear Stearns.
U.S.-listed shares of Chinese companies fell, tracking steep losses in their home market after a senior legislator said the market may be overheated after a 130% gain in 2006. The comments by Cheng Siwei, vice-chairman of the standing committee of the National People's Congress, in an interview with the Financial Times, raised concerns the Chinese government may take official action to cool speculation after the market hit a record high last week. Chinese ADRs such as Guangshen Railway (NYSE:GSH - News), China Mobile (NYSE:CHL - News), Aluminum Corp. China (NYSE:ACH - News), China Life Insurance (NYSE:LFC - News) and Sinopec (NYSE:SNP - News) were all markedly lower.
Electronics For Imaging's (NasdaqGS:EFII - News) fourth-quarter earnings fell 38% to $7.08 million, or 12 cents a share, from $11.4 million, or 18 cents a share, a year earlier. On a non-GAAP basis, the Foster City, Calif., provider of digital controllers said earnings fell to $22.6 million, or 35 cents a share, from $23.1 million, or 36 cents a share. Revenue rose 5.8% to $153.9 million from $145.4 million in the year-ago period. The company expects to delay its Form 10-K filing for 2006 due to its ongoing stock-option grant investigation. The company sees first-quarter non-GAAP earnings of 25 to 27 cents a share on revenue of $140 million to $143 million.
Haemonetics' (NYSE:HAE - News) shares tumbled after the maker of automated blood processing systems provider forecast earnings of adjusted $2.05 to $2.17 per share for fiscal 2007 with revenue expected to rise between 7% and 9%. The company said this view reflect expectations for continued sales declines in its Japanese business.
Juniper Networks Inc. (NasdaqGS:JNPR - News) reported fourth-quarter revenue rose 4% to $595.8 million, from $575.5 during the same period one year ago. The sales figure slightly topped the estimates of Wall Street analysts surveyed by Thomson Financial, who had forecast $593 million.
Key Tronic (NasdaqGM:KTCC - News) shares dropped after the Spokane, Wash., provider of electronic manufacturing services posted a second-quarter profit of $300,000, or 3 cents a share, down from a profit of $1 million, or 10 cents a share, last year. The latest results include a charge of $940,000 related to a customer unexpectedly declaring bankruptcy in December. Key Tronic also said that new customer programs weren't enough to offset reduced demand from certain existing customers in the latest quarter.
Manitowoc Co. (NYSE:MTW - News) reported fourth-quarter net earnings of $43.9 million, or 69 cents a share, compared with $18.2 million, or 30 cents a share, in the same period last year, on strong revenues in the company's crane segment.
NutriSystem (NasdaqGS:NTRI - News) shares fell after the Horsham, Pa., provider of weight management and fitness products and services forecast first-quarter earnings of 82 to 86 cents a share on revenue of between $200 million and $210 million. Wall Street's current consensus estimate is for a profit of 94 cents a share in March period on revenue of $214 million.
Public Service Enterprise Group (NYSE:PEG - News) said its fourth-quarter earnings from continuing operations fell to $173 million, or 69 cents a share, from $227 million, or 92 cents, a year earlier. The average earnings estimate of seven analysts surveyed by Thomson Financial was 74 cents a share.
Regeneron Pharmaceuticals (NasdaqGM:REGN - News) was initiated with an average rating at Caris & Co.
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Labels: ABD, ACH, AGN, ALGN, ALL, BKI, CHL, CLMT, CLS, EFII, GSH, HAE, JNPR, KTCC, LFC, MTW, NTRI, PEG, REGN, SNP
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