Updated from 1:30 p.m. EDT
was among the
losers Monday, with shares sliding 3.5% after the company lowered its full-year earnings forecast.
The maker of labeling materials and office products, giving its outlook ahead of an analyst conference, said it has been hit by weak market conditions in the U.S. and Western Europe. In particular, sales in July and August were well below expectations, the company said.
As a result, Avery Dennison expects 2007 earnings per share could be as much as 15 cents below its prior projection of $3.90 to $4.10. Analysts polled by Thomson Financial predict earnings of $3.95 a share. Shares of Avery Dennison closed down $2.02 to $56.37.
slipped 2.3% after the retailer named a new chief financial officer. The company said
Capital One Financial
executive J. Miles Reidy will become financial chief in October. At Capital One, Reidy most recently served as financial cost executive.
William Crowley, executive vice president, chief administrative officer and Sears director, had been serving as the retailer's interim CFO. Reidy will report to Crowley. Shares of Sears closed down $3.06 to $130.64 amid broader weakness in retail stocks.
Central Garden & Pet
, fell 9.3% after projecting earnings below Wall Street's expectation. The pet and garden store operator said it now expects earnings of 54 cents to 56 cents a share, before items, for the fiscal year ending this month. Analysts had forecast earnings of 61 cents a share.
For the fourth quarter, the company projects earnings of 7 cents to 9 cents a share, below analysts' expectation of 11 cents. Central Garden & Pet said it has been hit by bad weather and volatile grain prices, but it expects fiscal 2008 to show a "substantial improvement." Shares closed down $1.13 to $11.07.
rose 4.1% after receiving tentative approval to sell a generic form of
Johnson & Johnson's
Topamax. Mylan received approval to market 15 milligram and 24 mg versions of topiramate capsules, which treat epilepsy.
The branded version of the drug had U.S. sales of $46 million in the 12 months ended June 30, according to Mylan. Shares of the generic-drug maker closed up 61 cents to $15.69.
were up modestly after the payroll processor reached an agreement with activist shareholder Pershing Square Capital to settle a proxy fight. Ceridian agreed to add three of Pershing's nominees to its board, as well as an additional representative of the hedge fund. The move will boost Ceridian's board size to 11 directors. Shares closed up 21 cents to $35.01.