Tuesday's Winners & Losers: Circuit City

Shares of Circuit City(CC Quote) were among the NYSE's biggest losers Tuesday, tumbling 18% after the consumer electronics retailer posted disappointing third-quarter results.

For the period ended Nov. 30, the company reported a loss of $16 million, or 9 cents a share, on revenue of $3.10 billion. Analysts polled by Thomson First Call expected a profit of 5 cents a share and revenue of $3.12 billion. During the year-earlier period, the company earned $10.1 million, or 6 cents a share, on revenue of $2.9 billion. The company called the quarter "volatile" and said price declines for flat-screen TVs cut into margins.

Looking ahead, Circuit City said it now sees full-year revenue growth of 8% to 9%, down from an earlier projection of 9% to 11%. The company projects domestic same-store sales growth of 6% to 7%, below its earlier forecast of 7% to 9%. Shares were trading down $4.17 to $18.59.

Shares of Tuesday Morning(TUES Quote) slid 10% after the home-furnishings retailer cut its 2006 guidance. The company now sees full-year earnings of 78 cents to 84 cents a share, with revenue of $905 million to $915 million. Previously, the company projected earnings of about $1.05 a share and revenue of about $945 million. Analysts, on average, project 2006 earnings of $1.03 a share on revenue of $933.1 million.

Tuesday Morning projects full-year same-store sales will be down by 7.7% to 8.7%. Previously, the company forecast a same-store sales decline in the mid-single digits. Shares were trading down $1.74, or 9.8%, to $16.11.