Wednesday's Winners & Losers: Superior Offshore
Updated from 12:13 p.m. EDT
Superior Offshore (DEEP) was among the Nasdaq's losers Wednesday, tumbling 11% after the provider of underwater construction services posted disappointing second-quarter results and warned that full-year revenue would be below Wall Street's forecast.
The company reported a loss of $10.8 million, or 50 cents a share, on revenue of $41.8 million. Results included pretax charges that knocked earnings down by $3.9 million, or 18 cents a share. Analysts polled by Thomson Financial expected earnings of 24 cents a share on revenue of $58.8 million. During the year-earlier quarter, the company earned $12.1 million, or 82 cents a share, on revenue of $60.6 million.
Looking ahead, Superior Offshore sees full-year revenue of $265 million to $285 million. Analysts project revenue of $294.3 million. Shares were down $1.48 to $11.98.Fossil (FOSL) rose 5.7% after Piper Jaffray upped shares of the watchmaker to outperform from market perform. The broker said that international growth will allow the company to attain outsized earnings growth. The upgrade comes just a day after the company posted blowout second-quarter earnings. Shares closed up $1.69 to $31.15. Shares of Deere (DE) rose 3% after the maker of tractor equipment posted third-quarter earnings that topped forecasts. The company earned $537.2 million, or $2.37 a share, on revenue of $6.63 billion. Analysts expected earnings of $1.99 a share on revenue of $6.65 billion. During the year-earlier period, the company earned $436 million, or $1.85 a share, on revenue of $6.27 billion. Shares closed up $3.51 to $120.60.
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