Updated from 11:35 a.m.
were among the
losers Tuesday, falling 25% after the company cut its full-year earnings and sales forecast.
The outdoor specialty retailer now expects pretax income of $8 million to $13 million, down from its previous guidance of $16 million to $21 million. Comparable-store sales are now expected to be slightly negative.
Previously, the company predicted comp-store sales would grow 3% to 5%. Total sales for the year are now expected to range from $640 million to $670 million. In August, the company forecast full-year sales of $675 million to $700 million. Gander Mountain said unseasonably warm weather affected sales of outerwear and footwear, and said credit card promotions in 2004 were not as effective in driving high-ticket sales as they were a year ago. Shares traded down $4.64 to $13.91.
fell 12.5% after the company posted second-quarter earnings and sales below Wall Street expectations. Excluding items, the educational services company posted a profit of $1.39 a share on sales of $361.5 million. Analysts surveyed by Thomson First Call were expecting a profit of $1.50 a share on sales of $361.7 million. For fiscal 2005, the company forecast a profit of $2.25 to $2.35 a share, below the $2.41 analysts had been expecting. Sales, meanwhile, are expected to be $980 million to $1 billion, in line with analysts' expectations. Shares traded down $5.29 to $37.11.
fell 4.7% after an administrative judge for the Arizona Corporation Commission recommended that Arizona state regulators reject Saguaro Utility Group's merger plans with Unisource. In November 2003, Unisource agreed to be acquired by Saguaro Utility for $25.25 a share. Unisource said it is "shocked and disappointed" with the judge's recommendation.
The Arizona Corporation Commission, the company said, is not bound by the recommendation and will issue its own decision. The proposed merger has already received antitrust clearance from federal regulators and the Federal Energy Regulatory Commission. The transaction is still awaiting consideration from the ACC and the
Securities and Exchange Commission
. Shares traded down $1.16 to $23.40.