Wednesday's Biggest Losers
Active Power Inc. (NASDAQ:ACPW - News) said it's conducting an internal review of the company's historical stock option grants and related procedures and accounting. This review will cover all option grants made since the time of its initial public offering in August 2000 to the present. This review will be supervised by a committee of the company's board. The company also has voluntarily disclosed, or self reported, that it is undertaking this review to the Securities and Exchange Commission. The company currently anticipates that this review should be completed before the due date for its Annual Report on Form 10-K for the year ended Dec. 31, 2006.
Adaptec (NASDAQ:ADPT - News) shares slumped after the Milpitas, Calif., storage technology products provider forecast a non-GAAP (generally accepted accounting principles) loss of 2 to 5 cents a share for the third quarter on revenue of between $60 million and $61 million. The company said the revenue view was lower than expected due to a significant decrease in revenue from IBM (NYSE:IBM - News), its largest original equipment manufacturer customer.
ArthroCare Corp. (NASDAQ:ARTC - News) said it expects fourth-quarter earnings of 29 cents a share on revenue of $69.7 million.
Ashford Hospitality Trust (NYSE:AHT - News) was downgraded to underweight from equal-weight at Morgan Stanley.
Bp Plc (NYSE:BP - News) shares dipped after Bear Stearns lowered its rating on the company to peer perform from outperform.
Brightpoint (NASDAQ:CELL - News) was downgraded to hold at Jefferies & Co. The firm also cut its price target on the stock to $12.50 from $17.
Chevron Corp. (NYSE:CVX - News) warned that lower commodity prices and a decline in production and refining margins will hurt fourth-quarter earnings for the nation's No.2 oil company.
E-Z-EM Inc. (NASDAQ:EZEM - News) reported second-quarter net earnings of $1.8 million, or 16 cents a share, up 18% from $1.53 million, or 14 cents a share, during the year-ago period. The manufacturer of contrast agents for gastrointestinal radiology posted revenue of $34.2 million vs. $33.8 million.
Gap Inc. (NYSE:GPS - News) announced a series of management changes in its Gap and Old Navy divisions. Denise Johnston, president of Gap Adult, is leaving the company, effective Friday, the company said. Gap Brand North America President Cynthia Harriss will oversee the business until Johnston's successor is named. In addition, Karyn Hillman was named senior vice president of merchandising for Gap Adult. Hillman was previously senior vice president of apparel merchandising for Gap's Banana Republic division. Separately, San Francisco-based Gap said Ivy Ross, Old Navy's executive vice president of product design, will leave the company effective Jan. 17. The design team will report to Old Navy President Dawn Robertson while the company searches for Ross' replacement.
Guitar Center Inc. (NASDAQ:GTRC - News) said it expects fourth-quarter income to be short of its prior outlook for $1.14 to $1.20 a share because of weaker-than-expected sales. Analysts' average estimate stands at $1.16 a share, according to Thomson First Call. For the fourth quarter ended Dec. 31, the Westlake Village, Calif., company said net sales rose 11.7% to $628.5 million. In November, Guitar Center forecast sales of $638 million to $650 million. Analysts' average estimate stands at $643 million in sales.
IBM shares slid after A.G. Edwards downgraded the Dow component to hold from buy, citing long-term sales growth potential and valuation. "In particular, we are concerned about IBM's recent lack of growth in bookings in its services business," Analyst David Wong said in a research note to clients.
Investment Technology Group (NYSE:ITG - News) said its December U.S. trading volume was 3.4 billion shares compared to 2.6 billion shares a year ago. Average daily volume in December rose to 171 million shares from 123 million shares in December 2005. The results fell from November 2006, when total volume was 3.7 billion shares and average daily volume was 175 million shares. "We continue to see strong momentum in our trading volumes as we enter 2007. In addition, our European revenues were higher than initially expected for the (fourth) quarter," CFO Howard Naphtali said.
J2 Global Communications (NASDAQ:JCOM - News) shares dropped after the company said in a Form 8-K filing with the Securities and Exchange Commission that it expects revenue of between $217 million and $229 million for fiscal 2007. The current average estimate of analysts polled by Thomson First Call is for revenue of $233.4 million for the period.
J. Crew Group (NYSE:JCG - News) filed to sell 7.5 million shares of its stock with a value of $283.3 million based on its Tuesday closing price of $37.77 a share. Goldman Sachs and Bear Stearns are underwriters of the offering. None of the proceeds of the deal will go toward the company. TPG Advisors, an entity aligned with private equity firm Texas Pacific Group, will be selling the stock.
Kenexa Corp. (NASDAQ:KNXA - News) said it expects to meet or slightly exceed its previously issued guidance for revenue and non-GAAP operating income in the quarter ended Dec. 31. Kenexa also said it intends to file a prospectus supplement with the Securities and Exchange Commission relating to an underwritten public offering of 3.75 million shares.
LeCroy (NASDAQ:LCRY - News) shares dropped after the company lowered its outlook for fiscal 2007 to reflect slower than expected order activity in December, particularly in the Asia-Pacific region. The Chestnut Ridge, N.Y., provider of serial test data products said it now sees revenue of $155 million to $160 million for fiscal 2007, compared to its previous projection for revenue of $170 million to $180 million.
NuCO2 (NASDAQ:NUCO - News) shares fell after the Stuart, Fla.-based company forecast fiscal 2007 earnings of 50 cents to 55 cents a share, down from its previous outlook of 80 cents to 85 cents a share. NuCO2 also forecast fiscal 2007 cash earnings of $1.15 to $1.20 a share and revenue of $130 million to $132 million. For 2008, the company forecast per-share earnings of 85 cents to 90 cents, or cash earnings of $1.65 to $1.70, and revenue growth of 7% to 8%. NuCO2, which supplies bulk CO2 systems and services, said it is putting in place a new strategic growth plan, and the company expects to see material benefits by the quarter ending June 30 and even more significantly in fiscal 2008.
Oxford Industries Inc. (NYSE:OXM - News) reported second-quarter net earnings of $12.2 million, or 68 cents a share, compared with $11 million, or 57 cents a share, in the same period last year, as sales rose. The Atlanta-based maker of private label apparel posted revenue of $291 million, up 4.7% from $277.9 million.
Ramtron International Corp. (NASDAQ:RMTR - News) shares tumbled after the Colorado Springs, Colo.-based semiconductor maker late Tuesday cut its fourth-quarter product revenue forecast to a range of $9.1 million to $9.2 million. The company had previously forecast product revenue of $10.2 million and $11.2 million. The company said the reduced forecast was largely due to an earthquake in Taiwan and severe weather in Colorado at the end of December, which impacted product shipments.
Shares of SLM Corp. (NYSE:SLM - News) fell as U.S. lawmakers prepared to introduce bills that would cut interest rates in half on student loans.A House vote is expected as early as Jan. 17. "Such legislation will be moving forward and its $6 billion price tag will be funded by the lenders who participate in the Federal Family Education Loan Program," Stanford Group Company analyst Jaret Seiberg wrote in a note Wednesday. That includes SLM Corp., the former government-sponsored enterprise commonly known as Sallie Mae.
Synnex Corp. (NYSE:SNX - News) said fourth-quarter net income rose, as revenue gained, to $15.6 million, or 48 cents a share, from $12.8 million, or 41 cents a share, during the same period in the prior year. Before items, quarterly per-share income rose to 50 cents from 41 cents in the prior year.
Tiffany & Co. (NYSE:TIF - News) said worldwide comparable store sales increased 7% during the period from Nov. 1 to Dec. 31. U.S. comparable store sales rose 8%. Total net sales increased 15% to $818 million. U.S. retail sales increased 12% to $432.4 million. The New York based jewelry retailer said the results exceeded expectations. The company predicts 2006 earnings of $1.82-$1.85 a share. Analysts surveyed by Thomson First Call forecast earnings of $1.82 a share, on average. The company expects 13%-15% growth in earnings per share in 2007 and low double-digit net sales growth.
WD-40 Co. (NASDAQ:WDFC - News) said first-quarter net earnings fell to $5.69 million, or 33 cents a share, from $7.51 million, or 45 cents a share, in the same period last year, as marketing and other expenses rose. The company posted revenue of $72 million, up 7% from $67.2 million last year.
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Adaptec (NASDAQ:ADPT - News) shares slumped after the Milpitas, Calif., storage technology products provider forecast a non-GAAP (generally accepted accounting principles) loss of 2 to 5 cents a share for the third quarter on revenue of between $60 million and $61 million. The company said the revenue view was lower than expected due to a significant decrease in revenue from IBM (NYSE:IBM - News), its largest original equipment manufacturer customer.
ArthroCare Corp. (NASDAQ:ARTC - News) said it expects fourth-quarter earnings of 29 cents a share on revenue of $69.7 million.
Ashford Hospitality Trust (NYSE:AHT - News) was downgraded to underweight from equal-weight at Morgan Stanley.
Bp Plc (NYSE:BP - News) shares dipped after Bear Stearns lowered its rating on the company to peer perform from outperform.
Brightpoint (NASDAQ:CELL - News) was downgraded to hold at Jefferies & Co. The firm also cut its price target on the stock to $12.50 from $17.
Chevron Corp. (NYSE:CVX - News) warned that lower commodity prices and a decline in production and refining margins will hurt fourth-quarter earnings for the nation's No.2 oil company.
E-Z-EM Inc. (NASDAQ:EZEM - News) reported second-quarter net earnings of $1.8 million, or 16 cents a share, up 18% from $1.53 million, or 14 cents a share, during the year-ago period. The manufacturer of contrast agents for gastrointestinal radiology posted revenue of $34.2 million vs. $33.8 million.
Gap Inc. (NYSE:GPS - News) announced a series of management changes in its Gap and Old Navy divisions. Denise Johnston, president of Gap Adult, is leaving the company, effective Friday, the company said. Gap Brand North America President Cynthia Harriss will oversee the business until Johnston's successor is named. In addition, Karyn Hillman was named senior vice president of merchandising for Gap Adult. Hillman was previously senior vice president of apparel merchandising for Gap's Banana Republic division. Separately, San Francisco-based Gap said Ivy Ross, Old Navy's executive vice president of product design, will leave the company effective Jan. 17. The design team will report to Old Navy President Dawn Robertson while the company searches for Ross' replacement.
Guitar Center Inc. (NASDAQ:GTRC - News) said it expects fourth-quarter income to be short of its prior outlook for $1.14 to $1.20 a share because of weaker-than-expected sales. Analysts' average estimate stands at $1.16 a share, according to Thomson First Call. For the fourth quarter ended Dec. 31, the Westlake Village, Calif., company said net sales rose 11.7% to $628.5 million. In November, Guitar Center forecast sales of $638 million to $650 million. Analysts' average estimate stands at $643 million in sales.
IBM shares slid after A.G. Edwards downgraded the Dow component to hold from buy, citing long-term sales growth potential and valuation. "In particular, we are concerned about IBM's recent lack of growth in bookings in its services business," Analyst David Wong said in a research note to clients.
Investment Technology Group (NYSE:ITG - News) said its December U.S. trading volume was 3.4 billion shares compared to 2.6 billion shares a year ago. Average daily volume in December rose to 171 million shares from 123 million shares in December 2005. The results fell from November 2006, when total volume was 3.7 billion shares and average daily volume was 175 million shares. "We continue to see strong momentum in our trading volumes as we enter 2007. In addition, our European revenues were higher than initially expected for the (fourth) quarter," CFO Howard Naphtali said.
J2 Global Communications (NASDAQ:JCOM - News) shares dropped after the company said in a Form 8-K filing with the Securities and Exchange Commission that it expects revenue of between $217 million and $229 million for fiscal 2007. The current average estimate of analysts polled by Thomson First Call is for revenue of $233.4 million for the period.
J. Crew Group (NYSE:JCG - News) filed to sell 7.5 million shares of its stock with a value of $283.3 million based on its Tuesday closing price of $37.77 a share. Goldman Sachs and Bear Stearns are underwriters of the offering. None of the proceeds of the deal will go toward the company. TPG Advisors, an entity aligned with private equity firm Texas Pacific Group, will be selling the stock.
Kenexa Corp. (NASDAQ:KNXA - News) said it expects to meet or slightly exceed its previously issued guidance for revenue and non-GAAP operating income in the quarter ended Dec. 31. Kenexa also said it intends to file a prospectus supplement with the Securities and Exchange Commission relating to an underwritten public offering of 3.75 million shares.
LeCroy (NASDAQ:LCRY - News) shares dropped after the company lowered its outlook for fiscal 2007 to reflect slower than expected order activity in December, particularly in the Asia-Pacific region. The Chestnut Ridge, N.Y., provider of serial test data products said it now sees revenue of $155 million to $160 million for fiscal 2007, compared to its previous projection for revenue of $170 million to $180 million.
NuCO2 (NASDAQ:NUCO - News) shares fell after the Stuart, Fla.-based company forecast fiscal 2007 earnings of 50 cents to 55 cents a share, down from its previous outlook of 80 cents to 85 cents a share. NuCO2 also forecast fiscal 2007 cash earnings of $1.15 to $1.20 a share and revenue of $130 million to $132 million. For 2008, the company forecast per-share earnings of 85 cents to 90 cents, or cash earnings of $1.65 to $1.70, and revenue growth of 7% to 8%. NuCO2, which supplies bulk CO2 systems and services, said it is putting in place a new strategic growth plan, and the company expects to see material benefits by the quarter ending June 30 and even more significantly in fiscal 2008.
Oxford Industries Inc. (NYSE:OXM - News) reported second-quarter net earnings of $12.2 million, or 68 cents a share, compared with $11 million, or 57 cents a share, in the same period last year, as sales rose. The Atlanta-based maker of private label apparel posted revenue of $291 million, up 4.7% from $277.9 million.
Ramtron International Corp. (NASDAQ:RMTR - News) shares tumbled after the Colorado Springs, Colo.-based semiconductor maker late Tuesday cut its fourth-quarter product revenue forecast to a range of $9.1 million to $9.2 million. The company had previously forecast product revenue of $10.2 million and $11.2 million. The company said the reduced forecast was largely due to an earthquake in Taiwan and severe weather in Colorado at the end of December, which impacted product shipments.
Shares of SLM Corp. (NYSE:SLM - News) fell as U.S. lawmakers prepared to introduce bills that would cut interest rates in half on student loans.A House vote is expected as early as Jan. 17. "Such legislation will be moving forward and its $6 billion price tag will be funded by the lenders who participate in the Federal Family Education Loan Program," Stanford Group Company analyst Jaret Seiberg wrote in a note Wednesday. That includes SLM Corp., the former government-sponsored enterprise commonly known as Sallie Mae.
Synnex Corp. (NYSE:SNX - News) said fourth-quarter net income rose, as revenue gained, to $15.6 million, or 48 cents a share, from $12.8 million, or 41 cents a share, during the same period in the prior year. Before items, quarterly per-share income rose to 50 cents from 41 cents in the prior year.
Tiffany & Co. (NYSE:TIF - News) said worldwide comparable store sales increased 7% during the period from Nov. 1 to Dec. 31. U.S. comparable store sales rose 8%. Total net sales increased 15% to $818 million. U.S. retail sales increased 12% to $432.4 million. The New York based jewelry retailer said the results exceeded expectations. The company predicts 2006 earnings of $1.82-$1.85 a share. Analysts surveyed by Thomson First Call forecast earnings of $1.82 a share, on average. The company expects 13%-15% growth in earnings per share in 2007 and low double-digit net sales growth.
WD-40 Co. (NASDAQ:WDFC - News) said first-quarter net earnings fell to $5.69 million, or 33 cents a share, from $7.51 million, or 45 cents a share, in the same period last year, as marketing and other expenses rose. The company posted revenue of $72 million, up 7% from $67.2 million last year.
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Labels: ACPW, ADPT, ARTC, BP, CELL, CVX, EZEM, GPS, GTRC, IBM, ITG, JCG, JCOM, KNXA, LCRY, NUCO, SLM, SNX, TIF, WDFC
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