Small-cap stocks joined the broader market in trading right along the baseline Wednesday, as earnings reports caused the biggest moves for individual names.
Among the losers, Atlanta-based Georgia Gulf (GGC) fell 25% to $4.46. For the first quarter, the maker of chlorovinyls and aromatic chemicals reported a widened loss of $69.5 million, or $2.02 a share, vs. $34.6 million, or $1.01 a share, a year ago. The loss includes a writedown of $26.1 million, or 58 cents a share, stemming from the shuttering of an Oklahoma City PVC resin plant. Analysts, who typically do not include one-off charges in their estimates, were expecting a loss of 38 cents a share, per Thomson Financial. Citigroup downgraded the stock to sell from hold.
Also falling, Kenneth Cole (KCP), a New York purveyor of footwear and handbags, plummeted 17% to $15.20. The company reported first-quarter earnings of 4 cents a share on revenue of $122.5 million. The Street was looking for 3 cents a share. Kenneth Cole also guided for a loss between 11 cents and 13 cents a share for the second quarter, below the consensus estimate of an 8-cent per-share profit. CL King downgraded the stock to neutral from strong buy.
Meanwhile, OraSure Technologies (OSUR - Get Report), which makes oral fluid specimen collectors, saw shares sink to new lows Wednesday, recently tumbling 18% to $5.41. The company after Tuesday's market close said first-quarter profit increased 35% year over year to $2 million, or 4 cents a share. Analysts had predicted 3 cents a share, but OraSure also guided for a second-quarter loss between 6 cents and 7 cents a share. The Street expects a loss of a penny a share.