Tuesday's Biggest Stock Decliners
ABM Industries Inc. (NYSE:ABM - News) shares rose Tuesday after the San Francisco-based facility services contractor reported fiscal first-quarter net earnings of $8.7 million, or 18 cents a share, up from $4 million, or 8 cents a share, in the year-ago period. Revenue rose 5.5% to $703.5 million from $666.6 million. ABM forecast fiscal second-quarter earnings of 28 cents to 32 cents, and raised its fiscal 2007 forecast to a range of $1.04 to $1.08 a share, or $1.12 to $1.16 a share excluding items.
Accuride Corp.'s (NYSE:ACW - News) fourth-quarter earnings fell slightly to $14.3 million, or 41 cents a share, from $14.9 million, or 43 cents a share, a year earlier. Sales at the Evansville, Ind., supplier of commercial vehicle components rose to $344.9 million from $297.7 million a year earlier, due to increased demand in the commercial vehicle industry and the partial pass-through of rising raw material costs. Analysts, on average, expected the company to earn 29 cents a share, according to Thomson Financial. For 2007, the company expects adjusted earnings before interest, taxes depreciation and amortization of $115 million to $135 million.
ADC Telecommunications (NasdaqGS:ADCT - News) reported first-quarter net earnings of $3.6 million, or 3 cents a share. During the same period a year ago, ADC posted a net loss of $1.8 million, or 2 cents a share. Earnings from continuing operations were $9.4 million, or 8 cents a share. A year ago, the loss from continuing operations was $1.3 million, or a penny a share. The provider of communications network infrastructure products and services posted revenue of $297.2 million vs. $272.8 million.
AES Corp. (NYSE:AES - News) was upped to overweight from equal-weight by Lehman Bros., though its price target was held at $24. "We like AES' 10% free cash yield and discount valuation to independent power producers. We believe investors have over-reacted to AES for its delay in filing the 10-K and its global earnings mix in the current environment," the broker said.
Altria Group (NYSE:MO - News) was upgraded to buy from hold at Deutsche Bank.
Ann Taylor Stores (NYSE:ANN - News) was upgraded to buy from neutral at Banc of America Securities.
Bankrate (NasdaqGS:RATE - News) was upgraded to above average from average at Caris & Co.
Barrier Therapeutics Inc. (NasdaqGM:BTRX - News) said it has entered an agreement with Novartis AG under which Novartis' consumer health division will promote Barrier Therapeutics' Vusion treatment for diaper dermatitis to pediatricians in the U.S. Under the agreement, which runs through 2008, Barrier will pay Novartis a flat fee for each sales call made to a pediatrician.
Bausch & Lomb (NYSE:BOL - News) said it initiated a limited voluntary recall of from distribution centers and retail shelves in the U.S. and specific other countries of 12 lots of ReNu MultiPlus lens care solution made at its plant in Greenville, S.C. because they contain an elevated level of trace iron. This may result in discoloration of the solution in some bottles, and the shelf life of the product may be shortened to less than its two-year expiration date, due to a potential loss of effectiveness over time. The company has received no reports of serious adverse events associated with these lots and believes virtually all of the affected product has already been used by consumers. The Rochester, N.Y.-based company has notified the U.S. Food and Drug Administration of this action. The company initiated a probe after receiving three customer reports of discolored solution. Bausch & Lomb does not expect the costs associated with this recall will have a significant impact on its financial results. The eye care company has struggled recently after it recalled its ReNu with MoistureLoc contact-lens solution due to an outbreak of eye-fungus infection. The company also released preliminary results for the fourth quarter and year and, citing a recall of its MoistureLoc contact lens solution, said its U.S. operations will be unprofitable.
Boyd Gaming (NYSE:BYD - News) was upgraded to buy from hold at Morgan Joseph.
Building Materials Holding Corp. (NYSE:BLG - News) was upgraded to buy from neutral at Sidoti & Co.
CBS Corp. (NYSE:CBS - News) agreed to buy back about 47 million shares of CBS class B common stock through an accelerated share repurchase transaction. The media company said it intends to effect this repurchase today. This the $1.4 billion buyback is in connection with CBS's share repurchase program announced on Feb. 27. The cost of the repurchased shares is subject to adjustment, CBS said.
Chartered Semiconductor Manufacturing (NasdaqGS:CHRT - News) backed is first-quarter earnings estimate of about $6 million, on revenue of about $324 million. The Milpitas, Calif., company will release first-quarter results on April 27.
CollaGenex Pharmaceuticals Inc.'s (NasdaqGM:CGPI - News) fourth-quarter loss narrowed to $4.83 million, or 28 cents a share, from $6.41 million, or 72 cents a share, a year earlier. The Newtown, Pa., pharmaceutical company said fourth-quarter revenue climbed to $13.2 million from $2.95 million, largely due to sales of Oracea, which totaled $9.7 million for the latest period. The drug, which treats inflammatory lesions of rosacea, was launched in the U.S. in July 2006. Analysts polled by Thomson Financial expected, on average, a fourth-quarter loss of 42 cents a share on revenue of $10.5 million.
Countrywide Financial (NYSE:CFC - News) chief financial officer says some subprime lenders will likely go belly up as a result of the current turmoil in the sector, but he stressed that the mortgage giant will pull through because of its broader business mix.
DaimlerChrysler (NYSE:DCX - News) stock jumped as Cerberus Capital Management emerged as the latest suitor for Chrysler after the private equity giant reportedly met with the struggling automaker to discuss a potential bid.
Datatrak International Inc. (NasdaqCM:DATA - News) shares gained after the company announced that it has been selected as the exclusive clinical trial technology platform by a unnamed multi-billion dollar North American pharmaceutical company. Cleveland-based Datatrak said the company was not previously a customer. Specifications and budgets related to the pending projects are not yet finalized, but Datatrak said multiple clinical trials are expected to begin in 2007.
Finisar Corp. (NasdaqGS:FNSR - News) reported pro forma third-quarter revenue of $107.5 million, up 16% from the year-ago period. The Sunnyvale, Calif.-based optical equipment company said its results were preliminary due to its ongoing review of historical stock options grants.
First Consulting Group Inc. (NasdaqGM:FCGI - News), the Long Beach, Calif., provider of outsourcing, consulting and systems-implementation and -integration services to health-related industries, delayed releasing its fourth-quarter and full-year financial results by a week, to March 13. In a statement, FCGI said it needed the extra time to complete tax-related analysis regarding how to apply certain net-operating-loss carry-forwards. "The analysis is not expected to impact the company's pre-tax operating results in any period," First Consulting said.
Fuel Tech Inc. (NasdaqGM:FTEK - News) shares gained after the Batavia, Ill.-based company reported a fourth-quarter net profit of $1.46 million, or 6 cents a share, down from $2.62 million or 11 cents a share, in the year-ago period. Revenue rose 11% to $18.1 million from $16.3 million in the same period last year. Analysts polled by Thomson Financial were expecting a per-share profit of 5 cents on revenue of $17.1 million. Fuel Tech forecast 2007 revenue of $90 million to $95 million.
Published By MarketWatch
Accuride Corp.'s (NYSE:ACW - News) fourth-quarter earnings fell slightly to $14.3 million, or 41 cents a share, from $14.9 million, or 43 cents a share, a year earlier. Sales at the Evansville, Ind., supplier of commercial vehicle components rose to $344.9 million from $297.7 million a year earlier, due to increased demand in the commercial vehicle industry and the partial pass-through of rising raw material costs. Analysts, on average, expected the company to earn 29 cents a share, according to Thomson Financial. For 2007, the company expects adjusted earnings before interest, taxes depreciation and amortization of $115 million to $135 million.
ADC Telecommunications (NasdaqGS:ADCT - News) reported first-quarter net earnings of $3.6 million, or 3 cents a share. During the same period a year ago, ADC posted a net loss of $1.8 million, or 2 cents a share. Earnings from continuing operations were $9.4 million, or 8 cents a share. A year ago, the loss from continuing operations was $1.3 million, or a penny a share. The provider of communications network infrastructure products and services posted revenue of $297.2 million vs. $272.8 million.
AES Corp. (NYSE:AES - News) was upped to overweight from equal-weight by Lehman Bros., though its price target was held at $24. "We like AES' 10% free cash yield and discount valuation to independent power producers. We believe investors have over-reacted to AES for its delay in filing the 10-K and its global earnings mix in the current environment," the broker said.
Altria Group (NYSE:MO - News) was upgraded to buy from hold at Deutsche Bank.
Ann Taylor Stores (NYSE:ANN - News) was upgraded to buy from neutral at Banc of America Securities.
Bankrate (NasdaqGS:RATE - News) was upgraded to above average from average at Caris & Co.
Barrier Therapeutics Inc. (NasdaqGM:BTRX - News) said it has entered an agreement with Novartis AG under which Novartis' consumer health division will promote Barrier Therapeutics' Vusion treatment for diaper dermatitis to pediatricians in the U.S. Under the agreement, which runs through 2008, Barrier will pay Novartis a flat fee for each sales call made to a pediatrician.
Bausch & Lomb (NYSE:BOL - News) said it initiated a limited voluntary recall of from distribution centers and retail shelves in the U.S. and specific other countries of 12 lots of ReNu MultiPlus lens care solution made at its plant in Greenville, S.C. because they contain an elevated level of trace iron. This may result in discoloration of the solution in some bottles, and the shelf life of the product may be shortened to less than its two-year expiration date, due to a potential loss of effectiveness over time. The company has received no reports of serious adverse events associated with these lots and believes virtually all of the affected product has already been used by consumers. The Rochester, N.Y.-based company has notified the U.S. Food and Drug Administration of this action. The company initiated a probe after receiving three customer reports of discolored solution. Bausch & Lomb does not expect the costs associated with this recall will have a significant impact on its financial results. The eye care company has struggled recently after it recalled its ReNu with MoistureLoc contact-lens solution due to an outbreak of eye-fungus infection. The company also released preliminary results for the fourth quarter and year and, citing a recall of its MoistureLoc contact lens solution, said its U.S. operations will be unprofitable.
Boyd Gaming (NYSE:BYD - News) was upgraded to buy from hold at Morgan Joseph.
Building Materials Holding Corp. (NYSE:BLG - News) was upgraded to buy from neutral at Sidoti & Co.
CBS Corp. (NYSE:CBS - News) agreed to buy back about 47 million shares of CBS class B common stock through an accelerated share repurchase transaction. The media company said it intends to effect this repurchase today. This the $1.4 billion buyback is in connection with CBS's share repurchase program announced on Feb. 27. The cost of the repurchased shares is subject to adjustment, CBS said.
Chartered Semiconductor Manufacturing (NasdaqGS:CHRT - News) backed is first-quarter earnings estimate of about $6 million, on revenue of about $324 million. The Milpitas, Calif., company will release first-quarter results on April 27.
CollaGenex Pharmaceuticals Inc.'s (NasdaqGM:CGPI - News) fourth-quarter loss narrowed to $4.83 million, or 28 cents a share, from $6.41 million, or 72 cents a share, a year earlier. The Newtown, Pa., pharmaceutical company said fourth-quarter revenue climbed to $13.2 million from $2.95 million, largely due to sales of Oracea, which totaled $9.7 million for the latest period. The drug, which treats inflammatory lesions of rosacea, was launched in the U.S. in July 2006. Analysts polled by Thomson Financial expected, on average, a fourth-quarter loss of 42 cents a share on revenue of $10.5 million.
Countrywide Financial (NYSE:CFC - News) chief financial officer says some subprime lenders will likely go belly up as a result of the current turmoil in the sector, but he stressed that the mortgage giant will pull through because of its broader business mix.
DaimlerChrysler (NYSE:DCX - News) stock jumped as Cerberus Capital Management emerged as the latest suitor for Chrysler after the private equity giant reportedly met with the struggling automaker to discuss a potential bid.
Datatrak International Inc. (NasdaqCM:DATA - News) shares gained after the company announced that it has been selected as the exclusive clinical trial technology platform by a unnamed multi-billion dollar North American pharmaceutical company. Cleveland-based Datatrak said the company was not previously a customer. Specifications and budgets related to the pending projects are not yet finalized, but Datatrak said multiple clinical trials are expected to begin in 2007.
Finisar Corp. (NasdaqGS:FNSR - News) reported pro forma third-quarter revenue of $107.5 million, up 16% from the year-ago period. The Sunnyvale, Calif.-based optical equipment company said its results were preliminary due to its ongoing review of historical stock options grants.
First Consulting Group Inc. (NasdaqGM:FCGI - News), the Long Beach, Calif., provider of outsourcing, consulting and systems-implementation and -integration services to health-related industries, delayed releasing its fourth-quarter and full-year financial results by a week, to March 13. In a statement, FCGI said it needed the extra time to complete tax-related analysis regarding how to apply certain net-operating-loss carry-forwards. "The analysis is not expected to impact the company's pre-tax operating results in any period," First Consulting said.
Fuel Tech Inc. (NasdaqGM:FTEK - News) shares gained after the Batavia, Ill.-based company reported a fourth-quarter net profit of $1.46 million, or 6 cents a share, down from $2.62 million or 11 cents a share, in the year-ago period. Revenue rose 11% to $18.1 million from $16.3 million in the same period last year. Analysts polled by Thomson Financial were expecting a per-share profit of 5 cents on revenue of $17.1 million. Fuel Tech forecast 2007 revenue of $90 million to $95 million.
Published By MarketWatch
Labels: ABM, ACW, ADCT, AES, ANN, BLG, BOL, BTRX, BYD, CBS, CFC, CGPI, CHRT, DATA, DCX, FCGI, FNSR, FTEK, MO, RATE
posted by Stock Administrator @ 3:48 PM
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