Friday's Early Winners & Losers
DryShips (DRYS) 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) 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV