Stocks in Motion: Fleetwood
Updated from 11:45 a.m.
Shares of
Fleetwood Enterprises
(FLE)
were among the
NYSE's
losers Thursday, falling 11.7% after the company posted terrible third-quarter results and warned that it wouldn't be profitable during the fourth quarter.
The maker of recreational vehicles posted a third-quarter loss of $54.7 million, or 99 cents a share, on sales of $564.9 million. Analysts polled by Thomson First Call were expecting a much smaller loss of 59 cents a share on sales of $604.8 million. A year ago the company posted a loss of $10.2 million, or 26 cents a share, on sales of $597.8 million. The company said its third quarter is typically weak, but "this particular quarter was severely impacted by this seasonality and a number of other matters, most of which were short term or not anticipated."
Looking ahead, Fleetwood said that it no longer believes that it will be profitable during the fourth quarter. "Some of the factors that caused the unanticipated magnitude of this quarter's loss have continued into the fourth quarter," the company said. Analysts had been expecting the company to post a fourth-quarter profit of 15 cents a share on sales of $741.4 million. Shares traded down $1.16 to $8.75.
Napster
(NAPS)
rose 6.9% after the online music subscription company raised its fourth-quarter sales guidance. The company now expects sales of about $15 million, up from previous guidance of about $14 million. Napster cited robust growth in its subscription service for the upbeat outlook. In particular, the company said that since the launch of its Napster To Go, it has seen "exceptional demand" for all aspects of its business. Analysts had been expecting Napster to post sales of $13.2 million. Shares traded up 47 cents to $7.27.
Shares of
PetsMart
(PETM)
fell 2.8% after the company posted mixed fourth-quarter results and warned that first-quarter earnings would be lower than expected. Excluding items, the pet food and supplies company earned $54.8 million, or 44 cents a share, on sales of $934.3 million. Analysts were expecting earnings of 44 cents a share on sales of $946.3 million. Looking ahead, PetsMart forecast first-quarter earnings of 25 cents a share, which excludes several items. Analysts are expecting earnings of 27 cents a share on sales of $899.6 million. For all of 2005, PetsMart forecast earnings of $1.33 a share. Analysts are looking for earnings of $1.39 a share. Shares traded down 86 cents to $29.65.
Drugstore.com
(DSCM)
rose 30.7% after the online seller of pharmacy and health products announced the sale of 10 million shares of stock to a private investment partnership, resulting in proceeds of $26 million. The $2.60 price tag represents a 21% premium over Wednesday's closing price of $2.15. Drugstore.com said it would use the proceeds to invest in its brand, marketing and technology. Finally, the investment partnership agreed to a one-year lockup on the shares, meaning that it can't sell the stock for at least a year. Shares traded up 66 cents to $2.81.
Shares of
Taser International
(TASR)
rose 5.3% after the stun-gun maker announced the dismissal of a lawsuit filed against it. The suit, which was filed in June 2004, alleged that Nick Kerchoff was hurt after he volunteered to experience a Taser discharge during a device presentation. "We feel vindicated to have Taser International dismissed from this lawsuit. There was no medical evidence linking the Taser device to Mr. Kerchoff's injuries," the company said. Shares traded up 72 cents to $14.22.
NYSE volume leaders included
Elan
(ELN)
, down $1.29 to $6.65;
Lucent
(LU)
, down 8 cents to $3.08;
News Corp.
(NWS) - Get Report
, up 48 cents to $17.28;
Boston Scientific
(BSX) - Get Report
, down 66 cents to $30.90;
Pfizer
(PFE) - Get Report
, down 2 cents to $26.59; and
Exxon Mobil
(XOM) - Get Report
, up 37 cents to $63.05.
Nasdaq
volume leaders included
Intel
(INTC) - Get Report
, down 2 cents to $24.50;
Sirius Satellite Radio
(SIRI) - Get Report
, down 17 cents to $5.75;
Microsoft
(MSFT) - Get Report
, down 9 cents to $25.17;
Apple Computer
(AAPL) - Get Report
, down $2.33 to $41.79;
Cisco
(CSCO) - Get Report
, up 6 cents to $17.80;
Applied Materials
(AMAT) - Get Report
, down 12 cents to $17.10;
Sanmina-SCI
(SANM) - Get Report
, up 67 cents to $5.92; and
Oracle
(ORCL) - Get Report
, up 4 cents to $13.09.