Wednesday's Winners & Losers: Sirva
Updated from 11:55 a.m. EST
Shares of Sirva (SIR) were among the NYSE's losers Wednesday, sliding 15% after the relocation company slashed its 2006 earnings outlook.
The company expects pretax earnings of $45 million to $55 million, down significantly from its earlier view of $65 million to $80 million. Sirva said the weak U.S. real estate market has resulted in higher-than-expected levels of home inventory, as well as losses on homes sold out of inventory. The company expects these trends to hurt earnings within its global relocation business by approximately $15 million. Shares of Sirva were trading down 56 cents to $3.16.
Blyth (BTH) fell 7% after the candle maker's third-quarter results missed Wall Street estimates. The company reported a loss of $221,000, or less than a penny a share. Excluding certain items, Blyth earned $5.2 million, or 13 cents a share. Analysts polled by Thomson First Call expected a profit of 33 cents a share on this basis. Blyth recorded revenue of $297.9 million, short of analysts' forecast of $316.3 million. A year earlier, the company posted adjusted earnings of $11.4 million, or 27 cents a share, on revenue of $328.5 million.For fiscal 2007, Blyth projected adjusted earnings of $1.20 to $1.25 a share. The single analyst estimate calls for earnings of $1.33 a share. For fiscal 2008, the company sees adjusted earnings of $1.35 to $1.40 a share. Three analysts have an average forecast for a profit of $1.44 a share. Shares were down $1.85 to $23.06. International Coal (ICO) shares surged on speculation that the company may be bought out, but the company refuted the rumor. In a statement, International Coal said that it became aware of a newswire report of rumors of a management leveraged buyout, and it denies those rumors. Shares, which had climbed as much as 14%, recently were up 27 cents, or 5%, to $5.29.
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