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Friday's Early Winners & Losers

DryShips (DRYS - Get Report) said unwinding a failed hedging strategy will lop 68 cents a share off third-quarter earnings. Analysts surveyed by Thomson Financial were looking for a 69-cent profit. The stock fell 5.4% to $13.05.

"Earlier this year, the company took the decision to enter into freight-forward agreements to protect against a declining market going into the seasonally low summer period," DryShips said. "Against expectations, the freight market staged a contra-seasonal recovery. When this became apparent, the company settled or closed its positions. Despite the negative impact limited to the third-quarter earnings, we are happy the market has turned out much stronger than expected."

La-Z-Boy (LZB - Get Report) sank 13% following the company's weak second-quarter earnings projection. La-Z-Boy cited softer-than-expected sales volume, particularly within its retail segment.

The furniture maker expects to earn 1 cent to 4 cents a share for the quarter ending Oct. 28, down from its earlier forecast of 11 cents to 15 cents a share. Analysts were looking for earnings of 12 cents a share. Shares were giving up $2 to $13.
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NOBL $52.93 -1.00%
DELL $0.00 0.00%
CTX $25.50 0.12%
CAMP $15.24 -0.65%
DRYS $3.70 28.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

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