Stocks Finish Mixed After Bernanke Buzzkill, Spain Downgrade
In corporate news, Men's Wearhouse (MW), the specialty retailer, on Wednesday forecast earnings of $2.70 to $2.78 a share for the full year, below analysts' expectation of $2.80 a share. For the second quarter ending in July, Men's Wearhouse said it sees earnings of $1.12 to $1.13 a share vs. the current consensus view of $1.22 a share. Shares plunged 19%.
Heavy truck maker Navistar International (NAV) reported second-quarter loss of $2.50 a share as revenue fell 2% to $3.3 billion and the company lowered forecasts for 2012 adjusted earnings to between breakeven and $2 a share. Analysts surveyed by Thomson Reuters expected second-quarter earnings of 67 cents a share on revenue of $3.6 billion, and a full-year profit of $3.73 a share. Shares tumbled 14%.
Lululemon Athletica (LULU) reported first-quarter earnings of $46.6 million, or 32 cents a share, up from year-earlier earnings of $33.4 million, or 23 cents a share. The athletic wear retailer posted first-quarter revenue of $285.7 million. Analysts, on average, anticipated first-quarter earnings of 30 cents a share on revenue of $270.9 million. Shares sank nearly 9%.
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