Stocks in Motion: Bombay
Updated from 10:57 a.m.
Shares of
Bombay
( BBA) were among the
NYSE's
losers Wednesday, falling 4% after the retail chain posted a fourth-quarter decline in earnings and sales.
The company posted earnings of $7.1 million, or 20 cents a share, on sales of $203.4 million. A year ago the company earned $12.3 million, or 34 cents a share, on sales of $211.6 million. Analysts polled by Thomson First Call expected Bombay to earn 19 cents a share on sales of $202.6 million in the latest quarter. Looking ahead, Bombay said that it remains concerned about soft consumer demand.
"We have taken steps to reduce our expenses during 2004 and will continue to manage spending levels aggressively for 2005," the company said. For 2005, the company forecast earnings of 2 cents to 8 cents a share, in line with analysts' expectations, on comp-store sales that will grow by a low to mid-single digit percentage.
Bombay expects to close between 45 and 50 stores during the year while opening about 42 new stores, for a net increase of between three and eight stores. Shares traded down 23 cents to $5.47.
TXU
( TXU) fell modestly after the company said that it received a subpoena from the
Securities and Exchange Commission
concerning the company's European operations. The SEC is seeking information pertaining to the period from Jan. 1, 2001, to March 31, 2003.
The fact-finding inquiry relates to the financial distress at TXU Europe during 2002, including the financial condition of the company, the company's reduction of its dividend in October 2002 and two previously disclosed lawsuits brought against the company. TXU said it would cooperate with the SEC and that it is in the process of responding to the subpoena. Shares traded down 65 cents to $76.90.
Shares of
Covenant Transport
(CVTI) - Get Report
fell 12.6% after the trucking company cut its first-quarter earnings forecast. The company now expects break-even earnings to a loss of 6 cents a share. Previously, the company expected to post results that were similar to year-ago levels, when it posted earnings of 5 cents a share. Analysts had been expecting earnings of 12 cents a share. Covenant blamed the shortfall primarily on softer-than-expected freight demand, which contributed to lower tractor productivity and average freight revenue per loaded mile. Shares traded down $2.42 to $16.81.
Yellow Roadway
( YELL) fell 1% despite forecasting first-quarter earnings that could exceed its previous expectations. The transportation company said that it now expects to post earnings that will meet or exceed the high end of its earlier forecast that called for earnings of 80 cents to 90 cents a share. Analysts are expecting earnings of 81 cents a share. "As we approach the end of March, which is the most significant month of the quarter, we continue to see the stable pricing environment experienced in late 2004," the company said. Shares traded down 55 cents to $58.82.
Shares of
Petco Animal Supplies
( PETC) rose slightly after the company offered first-quarter and 2005 earnings guidance. The pet supplies company expects first-quarter earnings of 33 cents to 34 cents a share on same-store sales growth of 5% to 6%. Analysts expect earnings of 34 cents a share. For 2005, the company expects earnings of $1.80 to $1.81 a share, in line with estimates, on same-store sales growth of 5% to 6%. Shares traded up 12 cents to $36.84.
NYSE volume leaders included
Lucent
( LU), down 3 cents to $2.71;
Citigroup
(C) - Get Report
, up 1 cent to $44.45;
Pfizer
(PFE) - Get Report
, up 62 cents to $26.04;
ExxonMobil
(XOM) - Get Report
, down 81 cents to $60.09;
General Motors
(GM) - Get Report
, down 88 cents to $28.66;
General Electric
(GE) - Get Report
, unchanged at $35.50; and
American International Group
(AIG) - Get Report
, up 50 cents to $56.70.
Nasdaq
volume leaders included
Sun Microsystems
(SUNW) - Get Report
, up 5 cents to $4.08;
Microsoft
(MSFT) - Get Report
, up 19 cents to $24.18;
Oracle
(ORCL) - Get Report
, up 2 cents to $12.51;
Intel
(INTC) - Get Report
, up 37 cents to $23.39;
Cisco Systems
(CSCO) - Get Report
, down 17 cents to $17.75;
Applied Materials
(AMAT) - Get Report
, up 40 cents to $16.21;
Sirius Satellite Radio
(SIRI) - Get Report
, up 14 cents to $5.42;
Apple Computer
(AAPL) - Get Report
, down 28 cents to $42.55; and
eBay
(EBAY) - Get Report
, up 4 cents to $35.92.