Friday's Early Winners & Losers
Shares of Centex (CTX) fell after the homebuilder said its second-quarter earnings will be lower than expected as net orders fell 28%. The Dallas-based company said it was cutting its profit estimate for the quarter to 65 cents to 75 cents a share, well below the Thomson First Call consensus estimate of $1.33 a share. Centex was down 4.5% to $52.60.
CalAmp's (CAMP) second-quarter profit declined sharply from a year ago because of waning demand for direct-broadcast satellite products. For the quarter ended Aug. 31, the wireless-equipment maker earned $1.2 million, or 5 cents a share, compared with $3.7 million, or 16 cents a share, a year ago. Sales were unchanged at $57.9 million. Analysts forecast second-quarter earnings of 7 cents a share on revenue of $56 million.
CalAmp forecast third-quarter earnings of 4 cents to 8 cents a share on sales of $59 million to $65 million. After hours, the shares plummeted 14%, or $1.11, to $6.83.
Home Depot (HD) shuffled executives in a bid to streamline decision making and "enhance in-store execution." The Atlanta-based home-improvement retailer said four division presidents in North America will report to CEO Bob Nardelli. Finance chief Carol Tome will take responsibility for supporting store operations, including asset protection and customer service.Frank Blake, executive vice president for business development and corporate operations, will join the board as vice chairman and nonvoting member. Carl Liebert, executive vice president for Home Depot Stores, and Bill Lennie, senior vice president for merchandising and decor, will leave to pursue opportunities outside the home-improvement industry. Shares of Home Depot fell 1.3% late to $37.40.
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