Smith & Wesson: After-Hours Trading
NEW YORK (
) -- Shares of
Smith & Wesson
(SWHC)
fell in extended trading on Wednesday after the gun maker gave a below-consensus sales outlook for the current quarter, citing increased competition and weak sales of hunting products.
Springfield, Mass.-based Smith & Wesson said it expects sales of $94 million to $99 million for its fiscal third quarter ending on Jan. 31 with its gross profit margin projected between 27%-28%. The current average estimate of analysts polled by
Thomson Reuters
is for sales of $108.2 million in the January period.
The stock was last quoted at $3.77, down 7%, on volume of almost 55,000, according to
Nasdaq.com
. Based on their regular session close at $4.05, the shares were marginally higher so far in 2010.
Smith & Wesson gave the forecast along with its fiscal second-quarter report. The company's adjusted profit for the October-ended quarter was $3.1 million, or 5 cents a share, on sales of $96.3 million. The bottomline performance beat Wall Street expectations for breakeven results but sales fell short the average analysts' estimate of $99.8 million.
LINN Energy
LINN Energy
(LINE)
shares slumped in late trades, losing more than 4% to $35.80 with roughly 116,000 changing hands. Year-to-date, the stock was up more than 30% based on its regular session close at $37.38.
After the closing bell, the Houston-based oil and natural gas company outlined plans for a public offering of 10 million units under an existing shelf registration statement. The company expects the deal to include a 30-day over-allotment option for the sale of an additional 1.5 million units.
LINN Energy plans to use the proceeds to pay down debt and for general corporate purposes. The company also said it completed a bolt-on acquisition of Antrim Shale properties in Michigan in the current quarter and that it expects to close a bolt-on acquisition of Permian Basin properties by the end of the year. It estimates the total purchase price for both deals will be about $90 million.
Diamond Foods
Diamond Foods
(DMND)
rose in extended trading after the San Francisco-based packaged food company beat Wall Street expectations for its quarterly results and lifted its outlook for the first half of fiscal 2011.
The company, whose products include Pop Secret popcorn and Kettle chips, posted a non-GAAP profit of $14.5 million, or 65 cents a share, on sales of $252.6 million for the three months ended Oct. 31. The average estimate of analysts polled by
Thomson Reuters
was for earnings of 60 cents a share in the October period on revenue of $239.8 million.
Diamond Foods said it now sees non-GAAP earnings of 85 to 91 cents a share for the second quarter ending in January on sales of between $255 million and $265 million, surrounding Wall Street's consensus estimate for a profit of 86 cents in the period. For the first half of 2011, the company said it now sees earnings of $1.50 to $1.56 a share vs. a prior guidance of $1.45 to $1.55 a share.
The stock was last quoted at $47.51, up 3.7%, on volume of more than 22,000, according to
Nasdaq.com
.
American Capital Agency
Shares of
American Capital Agency
(AGNC) - Get Report
slid in after-hours action after the Bethesda, Md.-based real estate investment trust unveiled plans to sell 8 million common shares to
Citigroup
and
Deutsche Bank
.
The company said the offering includes a 30-day over-allotment option for the sale of another 1.2 million shares. American Capital said it plans to use the proceeds for buybacks and general corporate purposes.
The stock was last quoted at $28.25, down 4.3%, on volume of more than 105,000, according to
Nasdaq.com
.
--
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
Michael Baron
.
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.