Among the many tumbling small-cap stocks Thursday was G-III Apparel (GIII Quote), which lost 15.7% to $17.46 on disappointing guidance.
The New York outerwear maker reported a narrower-than-expected loss of 42 cents a share for the quarter ended April 30, but it also predicted a wider-than-expected loss in the next quarter -- between 19 and 24 cents a share, or at least 7 cents under Thomson Financial's analyst estimates. Full-year earnings should also come in lower than anticipated.
Meritage Homes (MTH Quote) was likewise sliding on soft guidance. The Scottsdale, Ariz., home-construction company said preliminary sales for the first two months of the second quarter plunged about 21% from a year ago. Cancellation rates on gross orders climbed by 9 percentage points year over year to 36%. Shares sank 5% to $31.46. ...
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