Updated from 11:42 a.m. EDT
were among the
losers Monday after the company warned that third-quarter earnings would not meet Wall Street's expectations.
The transportation company now expects third-quarter earnings of 41 cents to 47 cents a share vs. previous guidance of 51 cents to 57 cents a share. Analysts polled by Thomson First Call were expecting earnings of 55 cents a share. SCS cited lower-than-anticipated revenue growth -- caused by slower tonnage growth and declines in weight per shipment -- and higher operating expenses. Shares of SCS traded down $6.70, or 27.4%, to $17.80.
rose after the California company said it would eliminate its class B shares as part of a reincorporation and approved a $30 million repurchase plan. Eliminating the class B shares would effectively reduce the controlling voting rights that are held by the Mondavi family. Their supervoting rights would be exchanged for 1.165 shares of the company, which is being reincorporated in Delaware. If the plan were approved, class B shareholders' financial interest would increase to 39.5% from 35.9%. However, their voting power would be reduced to 39.5% from 84.9%. The winemaker's $30 million repurchase plan would become effective after the elimination of its class B shares. Shares of Robert Mondavi traded up $3.51, or 9.4%, to $40.69.
fell after the company posted second-quarter earnings that were weaker than expected. The retailer earned 4 cents a share during the second quarter on sales of $122.4 million. Analysts were expecting Hastings to earn 8 cents a share. Hastings also reiterated its full-year earnings outlook of 50 cents to 53 cents a share. Wall Street, however, is expecting full-year earnings of 55 cents a share. Shares of Hastings Entertainment traded down 78 cents, or 10%, to $7.02.
rose after it completed its $364 million acquisition of Triton Coal. The Federal Trade Commission had previously attempted to block the merger. The FTC made a last-ditch effort late last week to get an emergency injunction to block the transaction, but a U.S. appeals court denied its request. In addition to the merger news, Arch also reaffirmed earnings guidance of 15 cents to 25 cents a share during the third quarter. Analysts are expecting third-quarter earnings of 21 cents a share. Shares of Arch Coal traded up 37 cents, or 1.2%, to $32.21.