Stocks in Motion: Too Inc.
Updated from 10:53 a.m. EDT
Shares of Jo-Ann Stores (JAS) were among the NYSE's losers Wednesday after the company turned in flat September sales and warned that third-quarter and full-year earnings would fall below expectations.
The fabric retailer attributed flat same-store sales to lower ad spending and bad weather caused by hurricanes in the Southeast. As a result, the company now expects third-quarter earnings of 30 cents to 35 cents a share, down from its previous guidance of 47 cents to 52 cents a share. Analysts polled by Thomson First Call had been expecting earnings of 50 cents a share. Shares traded down $2.45, or 8.6%, to $26.10.
Wolverine World Wide (WWW) rose 9.6% after the company posted third-quarter earnings that beat expectations. The shoemaker posted a profit of 55 cents a share on sales of $260.9 million. Analysts were expecting earnings of 47 cents a share on sales of $248.9 million. Shares of Wolverine traded up $2.53 to $28.90.Shares of Covenant Transport (CVTI) fell 9.1% after the company warned that third-quarter earnings would fall short of Wall Street expectations. Excluding items, the trucking company now expects earnings of 32 cents to 36 cents a share, down from its previous guidance of 36 cents to 40 cents a share. Analysts had been expecting earnings of 38 cents a share. Covenant said that it experienced a "soft spot" in August and freight disruptions in August and September that were caused by hurricanes in the Southeast. Shares traded down $1.86 to $18.50. Too (TOO) rose 4.6% after the company said it would post third-quarter earnings above estimates. The clothing retailer expects third-quarter earnings of 26 cents to 28 cents a share. Analysts had been expecting earnings of 18 cents a share. Too said earnings would be helped by strong same-store sales. Shares traded up 85 cents to $19.20.
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