Tuesday's Early Winners & Losers
Shares of American Commercial Lines (ACLI) rose in late trading Monday after the marine transportation and service company raised its fiscal-year earnings projections, citing a strong demand and rate environment. American Commercial Lines now sees 2006 earnings of $2 to $2.20 a share, up from a previous estimate of $1.70 to $1.90. For the second quarter, the company forecast earnings of 48 cents to 53 cents a share. Analysts polled by Thomson First Call were looking for a profit of $1.92 a share for the year and 40 cents a share for the second quarter. The company also announced a new $3 million employee wage and enhanced benefit package. Shares jumped $3.85, or 7.5%, to $54.99 after hours.
Cytokinetics (CYTK) gained after the biopharmaceutical company said it extended the research term under its strategic alliance with GlaxoSmithKline (GSK) for an additional year. The strategic alliance, initiated in June 2001, included a minimum five-year research term. The companies have been focusing on developing inhibitors for mitotic kinesins, which play a role in cancer development. The alliance so far has generated two drug candidates. Cytokinetics shares gained 45 cents, or 6.6%, to $7.25 after hours.
Shares of Omnova Solutions (OMN) rose after the specialty chemicals company said second-quarter income jumped to $5.3 million, or 13 cents a share, from $3.6 million, or 9 cents a share, a year earlier. Revenue for the quarter ended May 31 declined 2.2% to $204.6 million. Wall Street was looking for earnings of 11 cents a share. The company credited the higher earnings to margin improvements. Shares gained 24 cents, or 4%, to $6.19 after hours.
Progressive Gaming (PGIC ) shares sank after the maker of systems for the gaming industry posted worse-than-expected first-quarter results. The company reported a loss of $8.8 million, or 26 cents a share, compared with income of $400,000, or 2 cents a share, a year earlier. The most recent quarter included charges totaling about $5.5 million, or 16 cents a share. Revenue fell to $16.9 million from $22.9 million a year ago. Analysts expected the company to post break-even results, with revenue of $21.1 million.
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