Shares of

Black & Decker

( BDK) were among the

NYSE's

losers Friday, sinking 9% after the toolmaker slashed its fourth-quarter earnings guidance.

The company now sees earnings of $1.30 to $1.35 a share, down from an earlier forecast of $1.85 to $1.90 a share. The company projects an 8% decline in revenue. Analysts polled by Thomson First Call project earnings of $1.86 a share and revenue of $1.76 billion.

Black & Decker blamed the shortfall on weak U.S. demand. "The demand environment has weakened compared to recent quarters," the company said. "In addition, orders from key retailers have decreased much more sharply than sell-throughs. Therefore, our U.S. sales have been significantly lower than we anticipated." Shares were trading down $7.84 to $79.08.

Illinois Tool Works

(ITW) - Get Report

, meanwhile, slid 3% after the diversified manufacturer lowered its fourth-quarter projections. The company now sees earnings of 72 cents to 74 cents a share, down from an earlier view of 77 cents to 81 cents a share. Illinois Tool Works expects base revenue growth of 1.8% to 2.4%, down from an earlier forecast of 3.1% to 5.1%. Analysts forecast earnings of 78 cents a share on revenue of $3.63 billion.

"While base revenue growth benefited from strong demand from a broad array of international end markets, a number of North American end markets continued to show signs of moderation or decline for the three-month period," Illinois Tool Works said. Shares were down 91 cents to $47.01.

Zoltek

(ZOLT)

shares tumbled 17% after the carbon-fiber maker reported disappointing fourth-quarter results. For the quarter ended Sept. 30, the company posted a loss of $22.9 million, or 89 cents a share, on revenue of $23.8 million. The results included legal charges of $23.1 million. Analysts expected earnings of 13 cents a share and revenue of $31.3 million. During the year-earlier period, the company reported a loss of $11.1 million, or 61 cents a share, on revenue of $14.9 million.

"Right now and for the foreseeable future, the only limitation on our growth is our ability to increase our production efficiency and to bring new capacity into production on a timely and efficient basis," Zoltek said. Shares were trading down $4.52 to $20.98.

Shares of

Penn National Gaming

(PENN) - Get Report

fell 1% following a report that the casino operator plans to make a cash bid for its larger rival,

Harrah's

( HET). The Wall Street Journal, citing people familiar with the matter, said Penn launched a mostly cash bid to rival a competing offer from private equity firms Texas Pacific Group and Apollo Management. Harrah's board is evaluating the plan,

The Journal

said. Shares of Penn National were down 50 cents to $38.50, while Harrah's rose 60 cents to $79.70.

Shares of

W.R. Grace

(GRA) - Get Report

jumped 9% after a bankruptcy court judge ruled that the company's former attic insulation product had "no unreasonable risk of harm." The move could help clear some of the asbestos liability issues for the chemicals and material company. Grace shares were up $1.71 to $20.33.

Weyerhaeuser

(WY) - Get Report

shares rose 6% after Deutsche Bank upgraded the forest products company to buy from hold. The firm also boosted its price target on the stock to $80 from a prior target of $65. Shares were trading up $3.17 to $72.66.

NYSE volume leaders Friday included

Ford

(F) - Get Report

, up 7 cents to $7.18;

General Electric

(GE) - Get Report

, up 78 cents to $36.99;

Pfizer

(PFE) - Get Report

, up 15 cents to $25.71;

Advanced Micro Devices

(AMD) - Get Report

, down 40 cents to $22.31;

Exxon Mobil

(XOM) - Get Report

, down 50 cents to $78.23;

Time Warner

(TWX)

, up 18 cents to $21.83;

Citigroup

(C) - Get Report

, up 56 cents to $53.67; and

EMC

(EMC)

, up 9 cents to $13.45.

Nasdaq's

most heavily traded stocks included

Microsoft

(MSFT) - Get Report

, up 2 cents to $30.09;

Intel

(INTC) - Get Report

, up 27 cents to $21.04;

Cisco Systems

(CSCO) - Get Report

, up 36 cents to $27.67;

Sun Microsystems

(SUNW) - Get Report

, down 1 cent to $5.60;

Oracle

(ORCL) - Get Report

, down 19 cents to $17.83;

Sirius Satellite Radio

(SIRI) - Get Report

, up 1 cent to $3.80; and

Apple Computer

(AAPL) - Get Report

, up 21 cents to $88.76.