Stocks to Watch: Websense Jumps, Precise Software Plunges
LosersHormel (HRL) was dropping 7% to $25.22 after the food company lowered its second-quarter earnings guidance to a range of 20 cents to 24 cents a share. Previously, the company expected to earn 30 cents to 34 cents, and analysts are looking for a bottom line of 31 cents. The company blamed the expected shortfall on a Russian ban on poultry imports, which "has caused a temporary oversupply of protein in the market. Retailers have been aggressively promoting low prices for chicken, which has resulted in an oversupply of other proteins," Hormel said in a press release. "These factors, along with production expansion in the turkey industry, have intensified the short-term pricing pressure on turkey and pork." Hard disk drive maker Maxtor (MXO) fell 9% to $6.57 after the company swung to a loss in the latest quarter from a profit in the comparable prior-year period. Railroad operator Norfolk Southern (NSC) was losing 6% to $21.60 after the company said first-quarter income from continuing operations climbed to $86 million, or 22 cents a share, from $61 million, or 16 cents a share, a year earlier, excluding a gain. Analysts were expecting earnings of 23 cents in the latest quarter. Revenue slipped to just under $1.5 billion from $1.54 billion in the year-ago quarter. Biopharmaceutical company Novavax (NVAX) was diving 24% to $7.99 after a small research house cut its rating on the stock. The research outfit, ThinkEquity, downgraded the stock to buy from strong buy, citing worries about the company's cancellation of a planned marketing trip. PDF Solutions (PDFS), a provider of semiconductor process-design integration technologies and services, was losing 22% to $13.15 after posting first-quarter revenue of $11.5 million, and earnings, excluding items, of 6 cents a share. Precise Software (PRSE) was plunging 31% to $13.10 a day after the company reported quarterly revenue that came in short of expectations. The company said first-quarter revenue rose 49% to $17.1 million, while earnings, before items, totaled 2 cents a share. Analysts expected a top line of $17.9 million and earnings of 2 cents. At least two analysts cut their price targets and revenue estimates for the company after the report.
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