Stocks in Motion: GM
Updated from 11:57 a.m. EDT
Shares of Mueller Industries (MLI) were among the NYSE's losers Thursday after the company posted third-quarter earnings and sales that were below expectations.
The maker of copper, brass and plastic construction parts earned 51 cents a share on sales of $322.5 million. Analysts polled by Thomson First Call were expecting earnings of 65 cents a share on sales of $361 million. The company said that volumes during the quarter were lower than second-quarter results and lower than a year ago. Mueller said first-half demand might have been influenced by availability and rising material costs, which led to customers adjusting their third-quarter inventory levels. Shares traded down $5.23, or 12.5%, to $36.70.
CEC Entertainment (CEC) rose 2.7% after the company posted strong third-quarter earnings and said it expects fourth-quarter earnings to top expectations. The owner of Chuck E. Cheese's restaurants earned 58 cents a share during the third quarter on sales of $183.6 million. Analysts were expecting earnings of 53 cents a share on sales of $185.6 million. Looking ahead, the company expects fourth-quarter earnings of 44 cents to 45 cents a share. Analysts had been expecting earnings of 41 cents a share. Shares of CEC Entertainment traded up 99 cents to $37.50.Shares of Linens 'n Things (LIN) fell 7.7% after the company lowered its third-quarter earnings guidance and announced preliminary sales figures that fell short of Wall Street expectations. The housewares retailer now expects earnings of 37 cents to 38 cents a share, down from its previous guidance of 44 cents to 50 cents a share. Analysts were expecting earnings of 46 cents a share. Sales are expected to be about $654.2 million, which would be below expectations of $666.5 million. The company said the quarter was impacted by a decline in store traffic and by hurricanes that impacted stores in the southeastern part of the U.S. Shares traded down $1.80 to $21.70.
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