Friday's Winners & Losers: Timken

Shares of Hartmarx(HMX Quote) were among the NYSE's losers Friday, plunging 17% after the apparel maker posted weaker-than-expected third-quarter earnings and projected fourth-quarter results below Wall Street's targets.

For the quarter ended Aug. 31, the company earned $490,000, or a penny a share, on revenue of $137.7 million. Analysts polled by Thomson First Call expected earnings of 15 cents a share on revenue of $160 million. During the year-earlier quarter, Harmarx earned $6.6 million, or 18 cents a share, on revenue of $152.1 million. The company said results were hurt by department store consolidations.

Hartmarx sees fourth-quarter earnings of 8 cents to 10 cents a share, well below analysts' average estimate of 20 cents. The company anticipates revenue of about $156.5 million, compared with Wall Street's expectation of $163.5 million. Hartmarx shares were trading down $1.20 to $6.50.

Timken(TKR Quote) fell 9% after the steel products company lowered its third-quarter earnings projection and laid out plans to cut 700 jobs. The company now predicts third-quarter earnings of 50 cents to 55 cents a share, down from an earlier view of 70 cents to 75 cents a share. Analysts project earnings of 75 cents a share. Timken said it is cutting the 700 jobs to offset weaker demand from the auto industry.

For the full year, Timken cut its profit projection to $2.60 to $2.75 a share from an earlier prediction of $3 to $3.15 a share. Analysts forecast earnings of $3.11 a share. Shares were trading at $29.80, down $3.01.