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 - Get Report) 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 - Get Report) 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 - Get Report) 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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