Early Today's Winners and Losers
Shares of toymaker RC2 (RCRC) fell in after-hours trading even though the company said it expects 2005 earnings to be at the higher end of its previously announced range of $2.40 to $2.50 a share. Analysts polled by Thomson Financial had forecast earnings of $2.52 a share. The company estimated full-year sales, excluding discontinued items, up 7%. RC2 shares were down 77 cents, or 2.26%, in after-hours trading to $33.33.
Bermuda-based reinsurer Everest Re (RE) increased its loss estimates for hurricanes Katrina, Rita and Wilma. The company said total pretax losses from the storms, which previously had been estimated at $1 billion, are now expected to reach $1.2 billion. For all of 2005, the net after-tax cost of these storms is estimated at $962 million. Everest Re shares were unchanged after hours.
Macerich (MAC) agreed to buy Valley River Center, a mall in Eugene, Ore., from a private real estate development and investment company for $187.5 million. The Santa Monica, Calif.-based real estate investment trust expects the deal to close in early February. Shares of Macerich fell $3.66, or 5%, to $69.75 in after-hours trading.
Software company Neoware (NWRE) put revenue for the quarter ended Dec. 31 at $29 million, up from $20.5 million a year earlier. Analysts, on average, predicted revenue of $28 million. Shares of the King of Prussia, Pa., software company rose 49 cents, or 1.81%, to $27.60.International DisplayWorks (IDWK) fell 6% after announcing a stock offering of 9.5 million shares. The liquid crystal display maker also granted underwriters the option to buy up to 1.425 million shares to cover overallotments. The offering is expected to be priced during the week of Jan. 23. Shares fell 34 cents to $5.08 in after-hours trading.
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