Biggest Stock Decliners Friday
21st Century Holding Co. (NasdaqGM:TCHC - News) has withdrawn its forecast of financial results for 2006, due to "a series of accounting issues." The Lauderdale Lakes, Fla., company reiterated its earnings forecast for 2007 at $4.50 per share. The company said the 2006 accounting changes include additional assessments from the Florida Insurance Guaranty Association and Citizens Property Insurance Corp. for the funding of insolvency at other insurers in Florida, and for a strengthening of liability reserves.
Applebee's International (NasdaqGS:APPB - News) was cut to neutral from buy at UBS after the company announced its board has hired advisers to assess strategic alternatives. "There is still a significant amount of risk for Applebee's-as well as the casual dining industry-due to ongoing significant sales and traffic declines, and this is likely to continue until comparisons get easier in the second quarter of 2007," the broker said.
California Pizza Kitchen Inc. (NasdaqGS:CPKI - News) said fourth-quarter net income was $3.73 million, or 19 cents a share, compared with $3.48 million, or 17 cents a share, for the same period a year ago. Reporting after the close, the company said revenue was $146 million vs. last year's $125.4 million.
Captaris (NasdaqGM:CAPA - News) shares tumbled after the Bellevue, Wash.-based software company reported fourth-quarter net earnings of $2.25 million, or 8 cents a share, vs. $44,000, or breakeven a share, in the year-ago period. Revenue rose 2% to $25.2 million from $24.7 million. Analysts polled by Thomson Financial were expecting a per-share profit of 6 cents on revenue of $26 million.
Career Education Corp. (NasdaqGS:CECO - News) said fourth-quarter net income fell, as revenue declined, to $20.7 million, or 21.5 cents a share, from $70.3 million, or 70.1 cents a share, during the same period in the prior year. Analysts had expected per-share income of 37 cents.
Coca-Cola (NYSE:KO - News) was upgraded to buy from neutral at Goldman Sachs. The broker said recent results demonstrate the company's ability to weather challenges in key developed profit centers and still deliver strong global profit.
Constellation Brands (NYSE:STZ - News) was downgraded to neutral from buy at Goldman Sachs. "Valuation remains inexpensive and the company looks well-positioned in growth segments like premium wine and imported beer. However, we believe upcoming guidance is likely to be uninspiring and a recovery in the U.K. and Australia is likely at least a year away," the broker said.
Denny's Corp. (NasdaqCM:DENN - News) said it swung to net income in the fourth-quarter of $2.27 million, or 2 cents a share, as operating costs and expenses declined. During the same period in the prior year, the restaurant operator reported a net loss of $4.5 million, or 5 cents a share.
Goodyear Tire & Rubber Co. (NYSE:GT - News) said its fourth-quarter loss widened to $358 million, or $2.02 a share, from $51 million, or 29 cents a share in the year-earlier period. The Akron, Ohio, tire maker said its loss included a $367 million charge for a strike at 16 of its North American tire plants, $184 million in charges for restructuring and a one-time gain of $153 million for a favorable tax change. Analysts polled by Thomson Financial forecast a loss, on average, of 40 cents a share. The company said the strike reduced fourth quarter sales by $363 million and tire volume by 2.8 million units. Sales in the three months ended Dec. 31 rose 1% to $4.98 billion from $4.93 billion.
Hormel Foods Corp. (NYSE:HRL - News) said fiscal first-quarter earnings rose 9% to $75.3 million, or 54 cents a share, from $69.3 million, or 50 cents a share, a year earlier, helped by its specialty foods segment, international business and refrigerated foods. Analysts polled by Thomson Financial expected, on average, first-quarter earnings of 54 cents a share on revenue of $1.49 billion. The Austin, Minn., maker of consumer-brand food and meat products said revenue rose 6.2% for the period ended Jan. 28, to $1.5 billion from $1.42 billion in the year-ago period. The company expects fiscal second-quarter earnings of 47 to 53 cents a share and backed its fiscal 2007 outlook of $2.15 a share to $2.25 a share.
Ingram Micro Inc. (NYSE:IM - News) reported a fiscal fourth-quarter profit of $91.7 million, or 53 cents a share, on revenue of $8.85 billion. During the same period a year ago, the technology products distributor earned $84.4 million, or 51 cents a share, on $7.96 billion in revenue.
Kendle Inc. (NasdaqGS:KNDL - News) swung to a fourth-quarter net loss of $4.7 million, or 32 cents a share, after an $8.2 million asset impairment charge and other charges. Last year, the company reported a profit of $3.7 million, or 26 cents a share. On an adjusted basis, earnings per share for the quarter totaled 18 cents. Analysts had been expecting the company to post earnings of 33 cents a share according to data compiled by Thomson Financial. Revenue rose to $118.1 million, from $66.5 million a year ago.
LookSmart Ltd. (NasdaqGM:LOOK - News) said its fourth-quarter loss narrowed to $896,000, or 4 cents a share, from $3.77 million, or 17 cents a share, a year earlier as revenue rose 51%. The San Francisco Internet directory service's revenue grew to $15 million from $9.97 million in the year-ago period. On average, analysts expected a per-share loss of 8 cents on revenue of $15.5 million, according to a poll by Thomson Financial. For the first quarter, the company expects revenue to grow 24% to 26%. For the year the company expects revenue to climb 20% to 25%.
Microsoft (NasdaqGS:MSFT - News) shares fell after CEO Steve Ballmer tempered the expectations of analysts at an event Thursday, telling them their predictions for sales of the company's new operating system are too high, while those for its operating expenses may be too low.
Mills Corp. (NYSE:MLS - News) has agreed to be acquired by Simon Property Group Inc. and hedge fund Farallon Capital Management for $25.25 a share in cash. The group had earlier offered to acquire Mills for $24 a share, topping a previous bid from Brookfield Asset Management Inc. (NYSE:BAM - News) of $21 a share. The deal is valued at about $7.9 billion with debt, Mills said in a statement. Mills said it terminated its previous merger agreement with Brookfield after determining the Simon/Farallon offer was "more favorable to its stockholders."
Pacificnet (NasdaqGM:PACT - News) said in a Form 8-K filing with the Securities and Exchange Commission that Joseph Levinson has resigned as chief financial officer, effective immediately.
Quidel Corp. (NasdaqGM:QDEL - News) reported fourth-quarter earnings of $18.3 million, or 54 cents a share, up from a year-ago profit of $9.6 million, or 28 cents a share. The latest results include a gain of $5.9 million, or 17 cents a share, from an income tax benefit. On an adjusted basis, the San Diego maker of rapid diagnostic tests earned $11.6 million, or 34 cents a share, in the December quarter. The company said its gross margin slipped to 60% for the quarter from 62% a year ago due to charges in product mix, and continued investments in manufacturing process improvements and quality control.
Sonic Solutions (NasdaqGS:SNIC - News) reported preliminary third-quarter net revenue of $39.1 million. Analysts polled by Thomson Financial are currently forecasting revenue of $41 million for the period. The Novato, Calif.-based software company said its selected results and outlook may be adjusted as a result of a possible options-related restatement of results. The company said it hasn't determined the amount of non-charges for stock-based compensation expense it expects to incur, but plans to file restated results as soon as possible. Additionally, Sonic said it sees fourth-quarter net revenue of between $37 million and $41 million.
Stewart Information Services Corp. (NYSE:STC - News) said fourth-quarter net income rose to $10.7 million, or 59 cents a share, from $9.1 million, or 50 cents a share. Revenue rose 3% to $646 million, the title insurer said. Three analysts polled by Thomson Financial expected, on average, earnings of 71 cents a share.
Applebee's International (NasdaqGS:APPB - News) was cut to neutral from buy at UBS after the company announced its board has hired advisers to assess strategic alternatives. "There is still a significant amount of risk for Applebee's-as well as the casual dining industry-due to ongoing significant sales and traffic declines, and this is likely to continue until comparisons get easier in the second quarter of 2007," the broker said.
California Pizza Kitchen Inc. (NasdaqGS:CPKI - News) said fourth-quarter net income was $3.73 million, or 19 cents a share, compared with $3.48 million, or 17 cents a share, for the same period a year ago. Reporting after the close, the company said revenue was $146 million vs. last year's $125.4 million.
Captaris (NasdaqGM:CAPA - News) shares tumbled after the Bellevue, Wash.-based software company reported fourth-quarter net earnings of $2.25 million, or 8 cents a share, vs. $44,000, or breakeven a share, in the year-ago period. Revenue rose 2% to $25.2 million from $24.7 million. Analysts polled by Thomson Financial were expecting a per-share profit of 6 cents on revenue of $26 million.
Career Education Corp. (NasdaqGS:CECO - News) said fourth-quarter net income fell, as revenue declined, to $20.7 million, or 21.5 cents a share, from $70.3 million, or 70.1 cents a share, during the same period in the prior year. Analysts had expected per-share income of 37 cents.
Coca-Cola (NYSE:KO - News) was upgraded to buy from neutral at Goldman Sachs. The broker said recent results demonstrate the company's ability to weather challenges in key developed profit centers and still deliver strong global profit.
Constellation Brands (NYSE:STZ - News) was downgraded to neutral from buy at Goldman Sachs. "Valuation remains inexpensive and the company looks well-positioned in growth segments like premium wine and imported beer. However, we believe upcoming guidance is likely to be uninspiring and a recovery in the U.K. and Australia is likely at least a year away," the broker said.
Denny's Corp. (NasdaqCM:DENN - News) said it swung to net income in the fourth-quarter of $2.27 million, or 2 cents a share, as operating costs and expenses declined. During the same period in the prior year, the restaurant operator reported a net loss of $4.5 million, or 5 cents a share.
Goodyear Tire & Rubber Co. (NYSE:GT - News) said its fourth-quarter loss widened to $358 million, or $2.02 a share, from $51 million, or 29 cents a share in the year-earlier period. The Akron, Ohio, tire maker said its loss included a $367 million charge for a strike at 16 of its North American tire plants, $184 million in charges for restructuring and a one-time gain of $153 million for a favorable tax change. Analysts polled by Thomson Financial forecast a loss, on average, of 40 cents a share. The company said the strike reduced fourth quarter sales by $363 million and tire volume by 2.8 million units. Sales in the three months ended Dec. 31 rose 1% to $4.98 billion from $4.93 billion.
Hormel Foods Corp. (NYSE:HRL - News) said fiscal first-quarter earnings rose 9% to $75.3 million, or 54 cents a share, from $69.3 million, or 50 cents a share, a year earlier, helped by its specialty foods segment, international business and refrigerated foods. Analysts polled by Thomson Financial expected, on average, first-quarter earnings of 54 cents a share on revenue of $1.49 billion. The Austin, Minn., maker of consumer-brand food and meat products said revenue rose 6.2% for the period ended Jan. 28, to $1.5 billion from $1.42 billion in the year-ago period. The company expects fiscal second-quarter earnings of 47 to 53 cents a share and backed its fiscal 2007 outlook of $2.15 a share to $2.25 a share.
Ingram Micro Inc. (NYSE:IM - News) reported a fiscal fourth-quarter profit of $91.7 million, or 53 cents a share, on revenue of $8.85 billion. During the same period a year ago, the technology products distributor earned $84.4 million, or 51 cents a share, on $7.96 billion in revenue.
Kendle Inc. (NasdaqGS:KNDL - News) swung to a fourth-quarter net loss of $4.7 million, or 32 cents a share, after an $8.2 million asset impairment charge and other charges. Last year, the company reported a profit of $3.7 million, or 26 cents a share. On an adjusted basis, earnings per share for the quarter totaled 18 cents. Analysts had been expecting the company to post earnings of 33 cents a share according to data compiled by Thomson Financial. Revenue rose to $118.1 million, from $66.5 million a year ago.
LookSmart Ltd. (NasdaqGM:LOOK - News) said its fourth-quarter loss narrowed to $896,000, or 4 cents a share, from $3.77 million, or 17 cents a share, a year earlier as revenue rose 51%. The San Francisco Internet directory service's revenue grew to $15 million from $9.97 million in the year-ago period. On average, analysts expected a per-share loss of 8 cents on revenue of $15.5 million, according to a poll by Thomson Financial. For the first quarter, the company expects revenue to grow 24% to 26%. For the year the company expects revenue to climb 20% to 25%.
Microsoft (NasdaqGS:MSFT - News) shares fell after CEO Steve Ballmer tempered the expectations of analysts at an event Thursday, telling them their predictions for sales of the company's new operating system are too high, while those for its operating expenses may be too low.
Mills Corp. (NYSE:MLS - News) has agreed to be acquired by Simon Property Group Inc. and hedge fund Farallon Capital Management for $25.25 a share in cash. The group had earlier offered to acquire Mills for $24 a share, topping a previous bid from Brookfield Asset Management Inc. (NYSE:BAM - News) of $21 a share. The deal is valued at about $7.9 billion with debt, Mills said in a statement. Mills said it terminated its previous merger agreement with Brookfield after determining the Simon/Farallon offer was "more favorable to its stockholders."
Pacificnet (NasdaqGM:PACT - News) said in a Form 8-K filing with the Securities and Exchange Commission that Joseph Levinson has resigned as chief financial officer, effective immediately.
Quidel Corp. (NasdaqGM:QDEL - News) reported fourth-quarter earnings of $18.3 million, or 54 cents a share, up from a year-ago profit of $9.6 million, or 28 cents a share. The latest results include a gain of $5.9 million, or 17 cents a share, from an income tax benefit. On an adjusted basis, the San Diego maker of rapid diagnostic tests earned $11.6 million, or 34 cents a share, in the December quarter. The company said its gross margin slipped to 60% for the quarter from 62% a year ago due to charges in product mix, and continued investments in manufacturing process improvements and quality control.
Sonic Solutions (NasdaqGS:SNIC - News) reported preliminary third-quarter net revenue of $39.1 million. Analysts polled by Thomson Financial are currently forecasting revenue of $41 million for the period. The Novato, Calif.-based software company said its selected results and outlook may be adjusted as a result of a possible options-related restatement of results. The company said it hasn't determined the amount of non-charges for stock-based compensation expense it expects to incur, but plans to file restated results as soon as possible. Additionally, Sonic said it sees fourth-quarter net revenue of between $37 million and $41 million.
Stewart Information Services Corp. (NYSE:STC - News) said fourth-quarter net income rose to $10.7 million, or 59 cents a share, from $9.1 million, or 50 cents a share. Revenue rose 3% to $646 million, the title insurer said. Three analysts polled by Thomson Financial expected, on average, earnings of 71 cents a share.
Labels: APPB, BAM, CAPA, CECO, CPKI, DENN, GT, HRL, IM, KNDL, KO, LOOK, MLS, MSFT, PACT, QDEL, SNIC, STC, STZ, TCHC
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