Wednesday's Early Winners & Losers
California Pizza Kitchen (CPKI) nudged its second-quarter earnings estimate upward, sending shares higher in after-hours trading. The restaurant company expects to post earnings of 29 cents to 30 cents a share, up from its prior guidance of 28 cents to 29 cents. The company said revenue for the quarter increased 14% to $136.2 million, while same-restaurant sales rose 4.8%. Analysts had forecast a second-quarter profit of 29 cents a share and revenue of $135.6 million. The company will release full results Aug. 7. Shares rose $1.53, or 5.6%, to $28.93 in after-hours trading.
Monster Worldwide (MNST) said it may have to restate its financial results for 2005 and prior years to fix accounting errors related to stock-option grants. A committee of independent directors, assisted by outside legal counsel, has been conducting an internal review and analysis of all stock-option grants previously issued by Monster, which said last month that regulators asked it to preserve all relevant information related to its stock options. The online jobs site has not yet determined which historical financial statements would be restated, the magnitude of the restatement or the tax impact that may result from the matter. The company also said that a potential restatement wouldn't have a material impact on 2006 earnings. Shares slipped 64 cents, or 1.7%, to $36.60 in after-hours trading.
Cooper Tire & Rubber (CTB) shares declined after Standard & Poor's said it is dropping the company from its S&P 500 index. The S&P plans to add Windstream, a company being formed by the combination of the wireline segment of Alltel (AT) and Valor Communications (VCG), to the S&P 500. Cooper Tire's market cap of $664 million ranks it 500th in the index, Standard & Poor's said. The move is effective after the close of trading July 17. Cooper Tire shares fell 33 cents, or 3%, to $10.49 after hours.
AMB Property (AMB) shares advanced after the San Francisco-based real estate investment trust said second-quarter funds from operations climbed to $82.4 million, or 87 cents a share, from $50.6 million and 55 cents a share a year ago. The results exceeded the high end of the company's previous guidance by 14 cents a share, primarily as a result of better-than-expected profitability on the assets sold, AMB said. Shares rose $1.25, or 2.4%, to $52.90 in late trading.
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