stumbled Monday after the Lancaster, Pa.-based microwave-products maker said its third-quarter earnings will be below its own expectations and analyst consensus estimates.
Herley now expects earnings of 11 cents a share. Analysts polled by Thomson First Call are looking for EPS of 28 cents. "Two of our domestic divisions will report third-quarter losses in contrast to expectations of moderate profits," company president John Kelley said in a statement. "A significant portion of these losses were caused by non-recurring engineering investments that the company believes will result in additional business in the coming year." Shares fell $1.58, or 8.2%, to $17.80 in recent trading.
shares gained after the Houston-based oil and gas production-equipment company said it was awarded an offshore contract. Natco and Carigali-Pttepi Operating Co. will sell a $46.4 million process system that uses Natco's Cynara membrane system technology, which is used for separating carbon dioxide from natural gas production streams. Natco will supply pre-treatment equipment, membrane and valve skids, and control systems to the CPOC production platform, which is being constructed for deployment to Joint Development Area Block B-17, a site offshore Malaysia and Thailand. Shares gained $2.10, or 6.3%, to $35.50 in recent trading.
lost ground on news of a chief financial officer change. Becky A. Sheehan will be joining the Downers Grove, Ill., floral products company as CFO, effective July 5. Sheehan has 19 years experience in public accounting with Deloitte & Touche and Arthur Andersen, the company said. Carrie Wolfe, FTD's current CFO, has been elected a director of the company and will continue as principal accounting officer until completion of the fiscal year 2006 audit. Separately, the company was downgraded by Citigroup to hold from buy. Shares slipped 36 cents, or 2.7%, to $12.95 in recent trading.
( CHTT) slipped after the Chattanooga, Tenn.-based company, which makes a portfolio of over-the-counter health care products, was downgraded by Brean Murray to sell from hold. "We find increasing indications that the all-important success of new products has been deferred and perhaps derailed in the prove-out
that the Street demands," the analyst's report said. Shares fell $2.98, or 8.5%, to $32.01 in recent trading.