Monday's Winners & Losers
Ryder's (R) shares fell 7.8% to $45.42 after the truck renter lowered its earnings forecast for the third quarter, primarily because of soft results in its U.S. Fleet Management Solutions segment.
The company now expects adjusted profits of $1.12 to $1.14 a share for the quarter, down from the previous range of $1.20 to $1.23. Ryder believes economic conditions will remain sluggish through the fourth quarter, and it cut its full-year earnings outlook to a range of $4.10 to $4.15 from the prior $4.30 to $4.35 estimate.
Real estate development company St. Joe (JOE) dropped after saying it would make moves to lower its costs, including job cuts, the elimination of its dividend and a reduction in capital spending. Additionally, St. Joe plans to shed some of its assets, including the Sunshine State Cypress Mill, certain land parcels with commercial entitlements and about 100,000 acres of rural land.
About 260 workers, particularly in project development and related support staff, will be either eliminated or transferred between now and the end of 2008. St. Joe expects to take a charge of roughly $7 million for severance benefits.St. Joe also plans to record charges of $25 million to $30 million in the third quarter for contract-termination costs, the writeoff of capitalized costs at certain projects, the impairment of completed spec homes in several communities and the writeoff of goodwill related to Sunshine State Cypress Mill. St. Joe was down 0.6% to $33.95. AK Steel (AKS) reached an agreement with a group of retirees from its Middletown Works in Ohio to settle a lawsuit stemming from the company's initiatives in 2006 to reduce its retiree health care costs. The agreement covers about 4,600 current Middletown Works retirees.
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