Small-cap stocks followed the broader market lower Tuesday, as several companies issued disappointing guidance.
Southeastern gas station operator Pantry (PTRY) was losing 15% after slashing full-year guidance. The company, which also operates convenience stores, said it expects to report earnings per share of between $1.65 and $1.80, below its earlier guidance. Analysts polled by Thomson Financial expected earnings of $2.26 a share on revenue of $6.74 billion. Shares were trading down $6.85 to $39.82.
Lubricant maker WD-40 (WDFC - Get Report) slipped 10% the company provided disappointing guidance Monday after the bell. WD-40 said it expects net income of $29.1 million to $30.2 million, or $1.70 to $1.75 per share. The company expects sales of $307 million to $313 million. Analysts polled by Thomson Financial expected earnings of $1.78 per share on sales of $313.6 million. Shares fell $3.72 to $33.25.
Carrier Access (CACS) slipped 9.3% after the broadband access equipment provider said it expected a wider-than-expected second-quarter loss. The company said it expects an adjusted loss of between 28 cents and 31 cents per share, compared to break-even results in the year-ago period. Analysts polled by Thomson Financial expected a loss of 27 cents a share. The company is expected to officially report second-quarter results on July 31, at which time it said it will outline a restructuring plan. Shares shed 47 cents to $4.56.Ocean Bio-Chem (OBCI - Get Report), however, spiked 47% after it reported a 32% increase in second-quarter sales vs. the year-ago period. The company, which makes maintenance products for boats, cars and other vehicles, attributed the increased sales to improved boating weather and increased distribution of auto care products. Shares gained 82 cents to $2.55. Networking technology provider Echelon (ELON - Get Report) got a 32% boost courtesy of McDonald's (MCD - Get Report). The company announced Tuesday that the hamburger chain would use its power line networking technology for its kitchen equipment. Echelon shares gained $4.98 to $20.55. BigBand Networks (BBND) gained 12% after Merrill Lynch upgraded the video processing company's stock to buy from neutral. BigBand shares rose $1.63 to $14.75. The Russell 2000 Index was losing about 16 points, to about 837.