( PTEC) were among the small-cap stock losers Friday, tumbling 15% as the company lowered its fourth-quarter guidance and cut its workforce by 14%, from 471 to 403 employees.
The Milpitas, Calif.-based software company said it now expects revenue in the range of $8 million to $9 million, down from earlier guidance of $12.5 million to $14.5 million. The company expects to record a charge of roughly $2.1 million in the fourth quarter for severance related costs and other restructuring expenses. Phoenix Technologies estimates operating expenses during the first quarter of fiscal year 2007 to be about $15.5 million, down 24% from the third quarter. The company expects to report fourth quarter results on Nov. 6. Shares fell 78 cents to $4.42 in recent trading Friday.
gained 6.4% after the Nashville, Tenn.-based footwear retailer was upgraded by Wachovia to outperform from market perform.
In their report, analysts noted that Genesco is "well-positioned to benefit from strong styling trends towards fashion footwear" and raised their earnings estimates to $2.54 from $2.52 a share in fiscal 2007 and to $2.90 from $2.85 a share in fiscal 2008. Shares climbed $2.02 to $33.71 in recent trading.
slipped after the New York-based bank said it had agreed to sell the business conducted by its Sterling Financial Services Co., which includes a loan portfolio of about $132 million. Sterling Bancorp said it expects to record a one-time charge relating to the sale and estimated the net after-tax effect of the charge will amount to about $8.5 million. The company said it will record a loss for the third quarter. Shares fell 89 cents, or 4.2%, to $20.11 recently.
gained after the Hollywood, Fla.-based aerospace and electronics parts company was upgraded by SunTrust to buy from neutral. Shares gained $1.51, or 4.5%, to $34.91 recently.
gained after the Hauppauge, N.Y.-based provider of satellite-based communication services said it received a contract modification in the amount of $2.7 million to support a communication network for the Afghan National Army (ANA).
In September 2005, Globecomm announced a $7.4 million contract, through DasNet Corp., to provide all of the equipment and personnel necessary to support a communications network for the ANA allowing communications between the Afghan Ministry of Defense and the ANA, which included options, some of which have now been exercised. The contract includes options yet to be exercised for three more years of follow-on support. The contract is fully funded by the U.S. Government. Shares gained 31 cents, or 3.9%, to $8.37.