Stocks in Motion: Michaels
Updated from 11:13 a.m.
Shares of
Mobile Mini
(MINI) - Get Report
were among the
Nasdaq's
winners Wednesday, rising 12.4% after the company raised its first-quarter earnings outlook.
The provider of portable storage containers now expects earnings of at least 41 cents a share, up from previous guidance of 32 cents to 35 cents a share. Analysts polled by Thomson First Call had been expecting earnings of 33 cents a share. The company also revised its earnings before interest, taxes, depreciation, and amortization, saying that it now expects it to be at least $19 million, up from previous guidance of $16 million to $17 million. Higher units on rent and better utilization rates led to the upbeat outlook. For the full year, Mobile Mini now expects 2005 earnings of $1.78 to $1.82 a share, up from previous guidance of $1.70 to $1.75 a share. Analysts had been expecting 2005 earnings of $1.73 a share. Shares traded up $4.46 to $40.45.
Tetra Tech
(TTEK) - Get Report
, a provider of consulting, engineering and technical services, fell 16.9% after the company warned that it would post a second-quarter loss of more than $50 million. Tetra Tech said the loss is concentrated in a few business units performing construction-related activities. The company also said that the goodwill of its infrastructure segment might be impaired, which could lead to a noncash impairment charge during the second quarter. The charge, if taken, would be in addition to the operating loss Tetra Tech expects. Analysts are expecting second-quarter earnings of 16 cents a share on sales of $242.8 million. Shares traded down $2.53 to $12.46.
Shares of
Michaels Stores
(MIK) - Get Report
rose 3.5% after the arts and crafts retailer raised its first-quarter earnings and sales outlook. The company now expects earnings of 27 cents to 29 cents a share, up from previous guidance of 26 cents to 27 cents a share. Analysts are expecting earnings of 27 cents a share. Same-store sales are now expected to grow by 5% to 7%, up from an earlier forecast of 3% to 5%. Strong customer traffic and an increase in transactions led to the improved outlook. Shares traded up $1.23 to $36.
U.S. Xpress Enterprises
( XPRSA) fell 17.2% after the trucking company forecast a first-quarter loss. The company expects a loss of 11 cents to 14 cents a share on sales of about $270 million. Analysts are expecting earnings of 10 cents a share on sales of $274.2 million. A year ago, the company earned 6 cents a share on sales of $234.6 million. A bigger-than-expected seasonal freight downturn, higher operating costs -- including record fuel prices -- and difficulty in attracting drivers impacted first-quarter results. Shares traded down $3.36 to $16.14.
Shares of
Zoltek
(ZOLT)
rose 13.2% after the company announced a supply agreement with Spain-based
Fiberblade
, a unit of
Gamesa Eolica
. Under the agreement, Zoltek expects to provide Fiberblade with $65 million to $75 million in carbon fiber and carbon fiber materials during the first three years of the contract. The carbon fiber will be used for the building of large-scale rotor blades for wind turbine generators. Shares traded up $1.42 to $12.20.
NYSE
volume leaders included
Hewlett-Packard
(HPQ) - Get Report
, up 22 cents to $22;
Lucent Technologies
( LU), up 7 cents to $2.79;
Exxon Mobil
(XOM) - Get Report
, up 97 cents to $59.24;
American International Group
(AIG) - Get Report
, down $1.04 to $57.16;
Pfizer
(PFE) - Get Report
, up 65 cents to $26.29;
General Electric
(GE) - Get Report
, up 67 cents to $36.20;
Nortel
( NT), up 7 cents to $2.82;
Morgan Stanley
( MWD), up $1.67 to $55.28; and
EMC
(EMC)
, up 41 cents to $12.39.
Nasdaq volume leaders included
Intel
(INTC) - Get Report
, up 34 cents to $23.49;
Microsoft
(MSFT) - Get Report
, up 24 cents to $24.16;
Sirius Satellite Radio
(SIRI) - Get Report
, up 29 cents to $5.67;
Cisco Systems
(CSCO) - Get Report
, up 28 cents to $18.03;
Oracle
(ORCL) - Get Report
, up 20 cents to $12.48; and
Applied Materials
(AMAT) - Get Report
, up 33 cents to $16.64.