Wednesday's Biggest Stock Decliners
American Eagle Outfitters Inc. (NasdaqGS:AEOS - News) said its fourth-quarter net income increased to $150.2 million, or 66 cents a share, from $107.5 million, or 47 cents a share, a year ago, helped by a higher merchandise margin. A Thomson Financial survey of analysts, on average, projected earnings of 66 cents a share for the quarter. Analysts' estimates usually exclude items. The Warrendale, Pa., retailer's revenue for the quarter ended Feb. 3 rose 27% to $973.4 million from $769.1 million, while quarterly same-store sales rose 14%. The company said due to the extra week in fiscal 2006, fourth quarter same-store sales are compared to a 14 week period ended February 4, 2006.
Conseco Inc. (NYSE:CNO - News) reported a large drop in fourth-quarter net income late Tuesday after the insurer was hit with significant losses in its long-term care business.
Copart Inc. (NasdaqGS:CPRT - News) reported second-quarter net earnings of $30.4 million, or 32 cents a share, up from $7.85 million, or 8 cents a share, during the year-ago period. Last year's results were adversely impacted by about $4.9 million as a result of the Gulf coast hurricanes. The Fairfield, Calif.-based provider of vehicle salvage disposition services posted revenue of $128.9 million vs. $125.1 million.
CV Therapeutics Inc. (NasdaqGM:CVTX - News) shares plunged after the biopharmaceutical company said its angina drug Ranexa was shown to be ineffective in treating patients with acute coronary syndrome.
Danaher Corp. (NYSE:DHR - News) said it now sees earnings of 75 to 77 cents a share in the first quarter. The company's previous outlook was for a profit of 72 to 77 cents a share in the March period. The current average estimate of analysts polled by Thomson Financial is for a profit of 77 cents a share in the first quarter. The company issued the forecast ahead of a presentation by H. Lawrence Culp at a conference in New York City sponsored by Citigroup.
EFJ Inc. (NasdaqGM:EFJI - News) shares tumbled after the Irving, Texas-based wireless company reported a fourth-quarter net loss of $7.79 million, or 30 cents a share. In the same quarter last year, the company posted a net profit of $15.4 million, or 59 cents a share. Revenue fell to $23.9 million from $29.8 million. Analysts polled by Thomson Financial were expecting a per-share loss of 8 cents on revenue of $31.3 million. Separately, EFJ forecast fiscal 2007 revenue of $185 million to $195 million and operating income of $7 million to $10 million.
Fairchild Semiconductor (NYSE:FCS - News) said it continues to expects a 3% to 6% decline in its first-quarter revenue. The outlook doesn't include the results of consolidating System General Corp.
Genesco Inc. (NYSE:GCO - News) reported fourth-quarter earnings of $35.3 million, or $1.35 a share, up from a year-ago profit of $31.3 million, or $1.15 a share. On a continuing operations basis, the Nashville, Tenn., footwear company said it earned $35.7 million, or $1.36 a share, in the latest quarter. This performance includes a gain of a penny per share from the recognition of gift card-related income and favorable litigation settlement. Sales rose in the latest three months to $476.9 million from $406.3 million in the same period a year earlier. The average estimate of analysts polled by Thomson Financial was for a profit of $1.31 a share in the January period. Looking ahead, Genesco forecast earnings of $2.78 to $2.81 a share for the fiscal year ending Feb. 2, 2008 on sales of about $1.6 billion. For the first quarter, it sees earnings of 28 cents a share on sales of between $339 million and $341 million. Wall Street's current consensus estimates are for profits of $2.97 a share and 47 cents a share in the respective periods. The company said it expects the performance of its Underground Station Group and Hat World Group businesses to continue to be impacted by ongoing softness in the urban market in the first half of the year.
Jupitermedia Corp. (NasdaqGS:JUPM - News) terminated talks with Getty Images Inc. over a potential transaction between the two companies.
Goodrich Petroleum Corp. (NYSE:GDP - News) shares fell after the Houston-based company rescheduled the release of it fourth-quarter financial results to March 13 due to a delay in finalizing its year end 2006 independent reserve report.
Heelys Inc.'s (NasdaqGM:HLYS - News) fourth-quarter earnings rose sharply to $11.5 million, or 44 cents a share, from $1.44 million, or 6 cents a share, a year earlier. The Dallas maker of sports-related products said revenue for the quarter rose sharply to $71.1 million from $14.9 million. On average, analysts polled by Thomson Financial expected fourth-quarter earnings of 28 cents a share on revenue of $61 million. Analyst estimates typically exclude items.
Hypercom (NYSE:HYC - News), a Phoenix-based firm involved in electronic transactions, said it narrowed its fourth-quarter loss to $2.74 million, or 5 cents a share, from $10.6 million, or 20 cents a share. Hypercom's revenue fell 5% to $64.8 million on a decline in multi-lane product revenue. Analysts polled by Thomson Financial expected earnings of 2 cents a share on revenue of $61.7 million. It sees 2007 revenue between $284 million and $290 million.
Insmed Inc. (NasdaqGM:INSM - News) said it's restructuring its operations as a result of its litigation settlement with Tercica Inc. and Genentech Inc. , which was announced Tuesday. As a result, Richmond, Va.-based Insmed expects its workforce of 150 to be reduced by roughly 34%. The company said its sales and marketing group will be eliminated and production at its manufacturing site in Boulder, Colo., will be scaled back to reflect the reduced drug product requirement. The company expects the savings to allow it to fund its operations into the fourth quarter of 2007. As of Dec 31, Insmed had $24.1 million of cash on hand.
Plato Learning Inc. (NasdaqGM:TUTR - News) shares fell after the Minneapolis-based provider of computer-based educational products late Tuesday reported a fiscal first-quarter net loss of $4.53 million, or 19 cents a share, compared with a net loss of $3.2 million, or 14 cents a share, in the year-ago period. Revenue fell to $17 million from $23.5 million. The company expects fiscal 2007 revenue in the mid-$70 million range and for its net loss to approximate its 2006 net loss excluding restructuring, impairment and other charges.
Rocky Brands (NasdaqGS:RCKY - News) shares dropped after the Nelsonville, Ohio-based footwear company reported a fourth-quarter net loss of $77,875, or a penny a share. In the same quarter last year, Rocky Brands posted a net profit of $2.61 million, or 46 cents a share. Revenue fell to $70.6 million from $74.9 million. The company expects fiscal 2007 earnings per share growth of 35%, and revenue growth of 5%.
Westwood One Inc. (NYSE:WON - News) swung to a fourth-quarter loss of $488.6 million, or $5.68 a share, from net income of $22.5 million, or 25 cents a share, a year ago, on a goodwill impairment charge of $515.9 million in the latest period. Excluding items, the New York media company said Wednesday it earned $14.6 million, or 17 cents a share, for the final quarter of 2006. Net revenue decreased 12% to $129.8 million from $147 million. National commercial advertisement revenue declined 14% and local/regional commercial advertisement revenue fell 9.4%. Analysts polled by Thomson Financial expected, on average, fourth-quarter earnings of 10 cents a share and revenue of $125.8 million for the provider of sports, news and traffic updates to radio stations.
Weyerhaeuser (NYSE:WY - News) was downgraded by UBS to reduce from neutral due primarily to valuation. Analyst Richard Schneider said that based on fundamentals, the stock should be trading around $70 a share, as the company's wood products business is posting losses, homebuilding is declining and as its containerboard business is being hurt by higher wastepaper costs. The stock was down $1.65, or 1.9%, at $84.55 in pre-open trading. As of Tuesday's closing, the stock has gained 22% since the end of 2006, and reached an all-time high of $87.09 in intraday trading on Feb. 27. Schneider said the stock may be trading on expectations that the company will make moves to unlock shareholder value, with some pressuring the company to become a real estate investment trust.
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Conseco Inc. (NYSE:CNO - News) reported a large drop in fourth-quarter net income late Tuesday after the insurer was hit with significant losses in its long-term care business.
Copart Inc. (NasdaqGS:CPRT - News) reported second-quarter net earnings of $30.4 million, or 32 cents a share, up from $7.85 million, or 8 cents a share, during the year-ago period. Last year's results were adversely impacted by about $4.9 million as a result of the Gulf coast hurricanes. The Fairfield, Calif.-based provider of vehicle salvage disposition services posted revenue of $128.9 million vs. $125.1 million.
CV Therapeutics Inc. (NasdaqGM:CVTX - News) shares plunged after the biopharmaceutical company said its angina drug Ranexa was shown to be ineffective in treating patients with acute coronary syndrome.
Danaher Corp. (NYSE:DHR - News) said it now sees earnings of 75 to 77 cents a share in the first quarter. The company's previous outlook was for a profit of 72 to 77 cents a share in the March period. The current average estimate of analysts polled by Thomson Financial is for a profit of 77 cents a share in the first quarter. The company issued the forecast ahead of a presentation by H. Lawrence Culp at a conference in New York City sponsored by Citigroup.
EFJ Inc. (NasdaqGM:EFJI - News) shares tumbled after the Irving, Texas-based wireless company reported a fourth-quarter net loss of $7.79 million, or 30 cents a share. In the same quarter last year, the company posted a net profit of $15.4 million, or 59 cents a share. Revenue fell to $23.9 million from $29.8 million. Analysts polled by Thomson Financial were expecting a per-share loss of 8 cents on revenue of $31.3 million. Separately, EFJ forecast fiscal 2007 revenue of $185 million to $195 million and operating income of $7 million to $10 million.
Fairchild Semiconductor (NYSE:FCS - News) said it continues to expects a 3% to 6% decline in its first-quarter revenue. The outlook doesn't include the results of consolidating System General Corp.
Genesco Inc. (NYSE:GCO - News) reported fourth-quarter earnings of $35.3 million, or $1.35 a share, up from a year-ago profit of $31.3 million, or $1.15 a share. On a continuing operations basis, the Nashville, Tenn., footwear company said it earned $35.7 million, or $1.36 a share, in the latest quarter. This performance includes a gain of a penny per share from the recognition of gift card-related income and favorable litigation settlement. Sales rose in the latest three months to $476.9 million from $406.3 million in the same period a year earlier. The average estimate of analysts polled by Thomson Financial was for a profit of $1.31 a share in the January period. Looking ahead, Genesco forecast earnings of $2.78 to $2.81 a share for the fiscal year ending Feb. 2, 2008 on sales of about $1.6 billion. For the first quarter, it sees earnings of 28 cents a share on sales of between $339 million and $341 million. Wall Street's current consensus estimates are for profits of $2.97 a share and 47 cents a share in the respective periods. The company said it expects the performance of its Underground Station Group and Hat World Group businesses to continue to be impacted by ongoing softness in the urban market in the first half of the year.
Jupitermedia Corp. (NasdaqGS:JUPM - News) terminated talks with Getty Images Inc. over a potential transaction between the two companies.
Goodrich Petroleum Corp. (NYSE:GDP - News) shares fell after the Houston-based company rescheduled the release of it fourth-quarter financial results to March 13 due to a delay in finalizing its year end 2006 independent reserve report.
Heelys Inc.'s (NasdaqGM:HLYS - News) fourth-quarter earnings rose sharply to $11.5 million, or 44 cents a share, from $1.44 million, or 6 cents a share, a year earlier. The Dallas maker of sports-related products said revenue for the quarter rose sharply to $71.1 million from $14.9 million. On average, analysts polled by Thomson Financial expected fourth-quarter earnings of 28 cents a share on revenue of $61 million. Analyst estimates typically exclude items.
Hypercom (NYSE:HYC - News), a Phoenix-based firm involved in electronic transactions, said it narrowed its fourth-quarter loss to $2.74 million, or 5 cents a share, from $10.6 million, or 20 cents a share. Hypercom's revenue fell 5% to $64.8 million on a decline in multi-lane product revenue. Analysts polled by Thomson Financial expected earnings of 2 cents a share on revenue of $61.7 million. It sees 2007 revenue between $284 million and $290 million.
Insmed Inc. (NasdaqGM:INSM - News) said it's restructuring its operations as a result of its litigation settlement with Tercica Inc. and Genentech Inc. , which was announced Tuesday. As a result, Richmond, Va.-based Insmed expects its workforce of 150 to be reduced by roughly 34%. The company said its sales and marketing group will be eliminated and production at its manufacturing site in Boulder, Colo., will be scaled back to reflect the reduced drug product requirement. The company expects the savings to allow it to fund its operations into the fourth quarter of 2007. As of Dec 31, Insmed had $24.1 million of cash on hand.
Plato Learning Inc. (NasdaqGM:TUTR - News) shares fell after the Minneapolis-based provider of computer-based educational products late Tuesday reported a fiscal first-quarter net loss of $4.53 million, or 19 cents a share, compared with a net loss of $3.2 million, or 14 cents a share, in the year-ago period. Revenue fell to $17 million from $23.5 million. The company expects fiscal 2007 revenue in the mid-$70 million range and for its net loss to approximate its 2006 net loss excluding restructuring, impairment and other charges.
Rocky Brands (NasdaqGS:RCKY - News) shares dropped after the Nelsonville, Ohio-based footwear company reported a fourth-quarter net loss of $77,875, or a penny a share. In the same quarter last year, Rocky Brands posted a net profit of $2.61 million, or 46 cents a share. Revenue fell to $70.6 million from $74.9 million. The company expects fiscal 2007 earnings per share growth of 35%, and revenue growth of 5%.
Westwood One Inc. (NYSE:WON - News) swung to a fourth-quarter loss of $488.6 million, or $5.68 a share, from net income of $22.5 million, or 25 cents a share, a year ago, on a goodwill impairment charge of $515.9 million in the latest period. Excluding items, the New York media company said Wednesday it earned $14.6 million, or 17 cents a share, for the final quarter of 2006. Net revenue decreased 12% to $129.8 million from $147 million. National commercial advertisement revenue declined 14% and local/regional commercial advertisement revenue fell 9.4%. Analysts polled by Thomson Financial expected, on average, fourth-quarter earnings of 10 cents a share and revenue of $125.8 million for the provider of sports, news and traffic updates to radio stations.
Weyerhaeuser (NYSE:WY - News) was downgraded by UBS to reduce from neutral due primarily to valuation. Analyst Richard Schneider said that based on fundamentals, the stock should be trading around $70 a share, as the company's wood products business is posting losses, homebuilding is declining and as its containerboard business is being hurt by higher wastepaper costs. The stock was down $1.65, or 1.9%, at $84.55 in pre-open trading. As of Tuesday's closing, the stock has gained 22% since the end of 2006, and reached an all-time high of $87.09 in intraday trading on Feb. 27. Schneider said the stock may be trading on expectations that the company will make moves to unlock shareholder value, with some pressuring the company to become a real estate investment trust.
Published By MarketWatch
Labels: AEOS, CNO, CPRT, CVTX, DHR, EFJI, FCS, GCO, GDP, HLYS, HYC, INSM, JUPM, RCKY, TUTR, WON, WY
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