China Armco, U.S. Global: Volume Movers
China Armco Metals said that the Jiangsu Provincial Government has scheduled rolling blackouts in September for the Lianyungang enterprise zone, where a subsidiary operates a metal recycling facility.
The rolling blackouts are expected to impact revenue in 2010 by as much as $40 million, China Armco said. The company now expects full-year revenue to exceed $140 million and for net income to come in above $8 million.
Shares of China Armco closed at $3.82 Thursday and were indicated to open sharply lower Friday, with a bid price of $3.16 and an ask price of $3.48 in the premarket session. The average daily share volume for China Armco is 335,000.Elsewhere, Smith & Wesson (SWHC) fell by 28 cents, or 7.1%, to $3.68 in the premarket session after the firearms maker disappointed with its guidance for the fiscal second quarter. Smith & Wesson expects second-quarter revenue of $97 million to $102 million, below the consensus estimates of $115.5 million. For the full fiscal year, the company forecasted sales of $430 million to $445 million, in line with the Thomson Reuters average estimate. The guidance came as Smith & Wesson posted a fiscal first-quarter adjusted profit of 6 cents a share, coming in a penny above estimates. Revenue of $94.9 million in the quarter was slightly below the consensus of $95.2 million. The average daily share volume for Smith & Wesson is 917,000. U.S. Global Investors (GROW) climbed by 33 cents, or 5.1%, to $6.80 in Thursday's after-market session even after the investment advisory company posted fiscal fourth-quarter earnings of 6 cents a share on revenue of $8.61 million, which came in below the lone analyst estimate for earnings of 10 cents a share and revenue of $9.48 million. On the positive side, U.S. Global said fiscal full-year earnings swung to a profit of 35 cents a share compared from a year-ago loss of 15 cents a share. The average daily share volume for U.S. Global is 84,000. SI Financial Group (SIFI) should trade lower Friday after the bank holding company said late Thursday it will reorganize by converting its mutual holding company parent's 61.9% ownership interest to stock. The parent companies will combine into a new stock holding company, which will also be named SI Financial Group. The average daily share volume for SI Financial Group is only 1,000. -- Written by Robert Holmes in Boston.
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