Shares of

Ultralife Batteries

(ULBI) - Get Report

were among the

Nasdaq's

losers Wednesday, falling 15% after the battery maker cut its second-half sales outlook.

The company now expects second-half sales of $35 million, down from previous guidance of $46 million. The company expects to post third-quarter sales of $15 million and fourth-quarter sales of $15 million. Analysts polled by Thomson First Call had been expecting third-quarter sales of $24.1 million and fourth-quarter sales of $28.5 million. Ultralife blamed the sales shortfall on continuing uncertainty regarding the timing and quantity of BA-5390 battery orders that it will receive from the U.S. Defense Department during the remainder of the year. In addition to reducing its sales targets, the company said that it plans to reduce overhead costs by about $4 million on an annualized basis beginning in the fourth quarter. Shares were trading down $1.83 to $10.20.

Avon

(AVP) - Get Report

fell 12% after the cosmetics company cut its 2005 earnings guidance. The company now expects earnings growth that will be in the low-to-mid single digits. A year ago the company earned $1.77 a share. Previously, the company said that it would earn $2.03 to $2.08 a share. Analysts had been expecting earnings of $2.04 a share. Sales, meanwhile, are expected to grow by mid-single digits. Analysts are expecting sales of $8.28 billion. Avon attributed the earnings revision to general weakness across each of its four regions. What's more, the company said it expects an impact on its U.S. business from Hurricane Katrina and expects higher fuel costs to have an effect on its representatives and their customers. Shares were trading down $3.64 to $26.94.

Shares of

Diebold

(DBD) - Get Report

fell 14% after the automated teller machine company cut its third-quarter earnings outlook. The company now expects pro forma earnings of 25 cents to 30 cents a share, down from previous guidance of 62 cents to 67 cents a share. Analysts had been expecting earnings of 66 cents a share. Diebold said that lower-than-expected North America financial self-service revenue and operational inefficiencies hurt its third-quarter results. The company also said that certain anticipated revenue from the company's North America business during the third quarter is being pushed out into future periods, in part because of the effect of Hurricane Katrina. "I am extremely disappointed with our lack of progress in correction our operational inefficiencies, and I am personally committed to taking immediate action to improve our effectiveness in these areas," the company's chief executive said in a statement.

Separately, Diebold announced the resignation Eric Evans, the company's chief operating officer. CEO Walden O'Dell will replace Evans. Shares were recently trading down $6.07 to $38.30.

CarMax

(KMX) - Get Report

rose 4% after the operator of used-car dealerships posted second-quarter results that topped forecasts. The company earned $41.4 million, or 39 cents a share, on sales of $1.63 billion. Analysts were expecting earnings of 37 cents a share on sales of $1.56 billion. A year ago the company earned $29.9 million, or 28 cents a share, on sales of $1.32 billion.

Looking ahead, CarMax forecast third-quarter earnings of 19 cents to 25 cents a share. Analysts are expecting earnings of 19 cents a share. "We have again put a wide range on our quarterly expectations because market conditions continue to be uncertain and we are going into the ever-challenging model year changeover period," the company said. CarMax plans to release its third-quarter earnings on Dec. 21. Shares were trading up $1.25 to $31.24.

Shares of

ConAgra Foods

(CAG) - Get Report

rose 5% after the packaged food company posted first-quarter earnings that topped forecasts. The company earned $352.1 million, or 68 cents a share, on sales of $3.36 billion. Excluding a number of items, the company would have earned 31 cents a share. Analysts were expecting earnings of 23 cents a share on sales of $3.47 billion. A year ago the company posted earnings of $134.7 million, or 26 cents a share, on sales of $3.38 billion. Excluding items, the company would have earned 28 cents a share.

Looking ahead, ConAgra said it continues to expect fiscal 2006 earnings that will be higher than 2005. Shares were trading up $1.12 to $23.18.

Shares in

Energy Partners

(EPL)

and

PetroQuest Energy

(PQUE)

moved sharply higher Wednesday after

Real Money's

Jim Cramer identified both companies as potential takeover plays on

CNBC's

"Mad Money" television show Tuesday. Cramer's bullishness stems from

Norsk Hydro's

( NHY) $2.45 billion takeover of

Spinnaker Exploration

( SKE), which was announced on Monday. "None of them have run up as much as they should in response to this unbelievable Norsk-Hydro-for-Spinnaker bid," Cramer said. Shares of Energy Partners were recently trading up $2.21, or 8%, to $30.17 while shares of PetroQuest were trading up $1.46, or 16%, to $10.84.

NYSE

volume leaders included

Lucent Technologies

( LU), up 7 cents to $3.05;

Calpine

(CPN)

, down 24 cents to $2.79;

Wal-Mart

(WMT) - Get Report

, down 15 cents to $43.06;

Exxon Mobil

(XOM) - Get Report

, up 53 cents to $65.06;

Sprint Nextel

(S) - Get Report

, down 27 cents to $23.73; and

Time Warner

(TWX)

, down 17 cents to $18.20.

Nasdaq volume leaders included

Microsoft

(MSFT) - Get Report

, down 23 cents to $25.61;

Sirius Satellite Radio

(SIRI) - Get Report

, down 15 cents to $6.53;

Intel

(INTC) - Get Report

, up 23 cents to $24.71;

Cisco Systems

(CSCO) - Get Report

, down 10 cents to $17.87;

Qualcomm

(QCOM) - Get Report

, up 84 cents to $44.26; and

Oracle

(ORCL) - Get Report

, up 4 cents to $13.44.