Early Today's Winners and Losers
Mentor Graphics (MENT) rose 6% in late trading Wednesday after the electronic hardware and software design company said it expects fourth-quarter revenue to exceed Wall Street's target.
Mentor projected revenue of $220 million, which would beat Thomson First Call's average analyst estimate of $218 million. The company noted that it expects to be profitable for the quarter. Mentor also reiterated its forecast for 2006 revenue of $755 million. Shares rose 68 cents to $11.78 in after-hours trading.
Shares of Apollo Group (APOL) fell after the company announced the resignation of Chief Executive Todd Nelson. The company, which runs higher-education programs for adults, named Chief Operating Officer Brian Mueller president. John Sperling, a company founder, was named interim executive chairman. Apollo Group dropped $4.65, or 7.5%, to $57.50, in after-hours trading.
Guitar Center (GTRC) hit some higher notes in after-hours trading after the company posted a 4.6% rise in fourth-quarter same-store sales. The musical instrument retailer's net sales for the period grew 20% to $562 million from $468.9 million a year ago. Wall Street expected sales of $560 million. Shares of Guitar Center were up 52 cents, or 1.01%, to 52.10 in after-hours trading.Shares of Borders Group (BGP) climbed in late-hours trading after the bookstore chain raised its earnings projection for the fourth quarter. Citing strong book sales, the company said it now expects earnings of $1.70 to $1.80 a share, up from its previous estimate of $1.60 to $1.80 a share. The estimate includes costs of about 6 cents a share. Analysts were looking for fourth-quarter earnings of $1.70 a share. Borders rose 83 cents, or 3.7%, to $23.24 after hours. Corrections Corp. of America (CXW), a provider of prison management services to government agencies, said the Federal Bureau of Prisons will not renew its contract for the 1,500-bed Eloy Detention Center in Eloy, Ariz. The company said it did not believe the Bureau of Prison's decision will affect other contracts between the company and the bureau.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV