Early Stocks in Motion
CEC Entertainment (CEC) updated its earnings guidance due to the impact of Hurricane Katrina. CEC said 17 of its company-operated restaurants were closed at some point during or after the hurricane and five restaurants remain closed. The company reported a decrease in same-store sales of 5% for the first 10 weeks of the third quarter. Due to the difficulty in estimating the full impact of the hurricane, the company expects to earn 43 cents to 47 cents for the third quarter. Analysts were expecting earnings of 58 cents a share, according to Thomson First Call. The stock was down $1.31, or 3.8%, to $33.17 in after-hours trading.
Aspen Technology (AZPN) reported a loss of $26.1 million, or 69 cents a share, for the fourth quarter ended June 30, versus a loss of $36.6 million, or 97 cents a share, a year ago. Revenue for the quarter was $70.4 million, down from $89.3 million last year. Excluding certain items, the company broke even. Analysts polled by Thomson First Call expected earnings of a penny a share on revenue of $66.8 million. The stock was down 4 cents, or 0.78%, to $5.08 in after-hours trading.
Property and casualty insurance provider Endurance Specialty Holdings (ENH) reported that its initial estimate of losses, net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Katrina will be between $375 million and $450 million. The company estimates its gross losses related to the hurricane to be between $400 million and $500 million. Endurance said 50% of its losses were from wind-related exposures, including energy-related losses. The stock was unchanged at $36.95.
TJX (TJX) announced that Edmond English, its president and chief executive, resigned, effective immediately. Bernard Cammarata, the chairman, was named acting president and chief executive until the company can complete its search of a replacement. TJX said English has agreed to act in an advisory role to Cammarata to ensure a smooth transition. The stock was down 79 cents, or 3.71%, to $20.51 in after-hours.
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