Stocks in Motion: Calpine Shares See Power Outage

Also, Gemstar dives while Asyst rallies.
Author:
Publish date:

Updated from 2:55 p.m. EDT

Shares of

Calpine

(CPN)

fell on heavy volume Thursday after the power company reported

a wider-than-expected loss attributable, in part, to the mild spring weather. Calpine lost $71.2 million, or 17 cents a share, in the latest quarter, including a 3-cent gain. Analysts had been forecasting an 11-cent loss.

The company said its energy margin was pressured by unusually warm weather. The stock traded down 25 cents, or 6%, to $3.90, on volume of 41.8 million shares traded, making it the most heavily traded issue on the

New York Stock Exchange

.

Shares of

Gemstar-TV Guide

(GMST)

were active Thursday after the company missed first-quarter earnings estimates and lowered guidance for the rest of the year.

Gemstar, which publishes

TV Guide

, earned 3 cents a share on revenue of $195.2 million. Analysts polled by Thomson First Call were looking for the company to earn 5 cents a share in the most recent quarter. The company also cut its earnings forecast for the rest of the year, saying that operating income would come in at $20 million to $50 million.

That's significantly lower than the forecast it offered two months ago of $44 million to $69 million. Shares of Gemstar traded down 95 cents, or 16.6%, to $4.76, on volume of 32 million shares.

Shares of

Asyst Technologies

(ASYT)

joined the list of most actives Thursday after the company announced better-than-expected fourth-quarter results.

Asyst reported a fourth-quarter loss of 16 cents a share, 2 cents better than expected. It also had revenue of $130.1 million, which easily outpaced the $108.2 million analysts were expecting. Additionally, the company said it expects to deliver net income of break-even to a loss of 6 cents per share in the first quarter on revenue of $145 million to $155 million. Analysts are looking for the company to report a loss of 4 cents a share on revenue of $124 million. Shares of Asyst traded up $1.45, or 20.9%, to $8.40, on volume of more than 10 million shares.

Shares of

IPIX

(IPIX)

and

Mace Security International

(MACE)

were active for a second straight day, as momentum investors continued to trade on the companies' connection to homeland security. Shares of IPIX traded down 54 cents, or 6.5%, to $7.75, on volume of 26.6 million shares. Mace, meanwhile, gave back some of its monster gains from Wednesday and traded down $1.11, or 18.8%, to $4.81, on volume of 10 million shares.

Nasdaq

companies on the high-volume list included

Microsoft

(MSFT) - Get Report

,

Cisco

(CSCO) - Get Report

,

Intel

(INTC) - Get Report

and

Sun Microsystems

(SUNW) - Get Report

.

NYSE high-volume leaders included

Lucent

(LU)

,

Nortel

(NT)

,

King Pharmaceuticals

(KG)

and

General Electric

(GE) - Get Report

.

King Pharma Gets Deposed

Looking at NYSE price movers, shares of

King Pharmaceuticals were battered after the company announced lackluster first-quarter earnings. The company earned 11 cents a share on revenue of $290.6 million. That compares with earnings of 34 cents a share a year ago on revenue of $338.4 million.

Analysts were expecting King to earn 33 cents per share in the recent quarter on revenue of $412.8 million. The company also "withdrew" its previous financial guidance for the year ending 2004, saying, "We currently anticipate that actual results will be lower than we originally estimated." Shares of King traded down $2.22, or 13.1%, to $14.72.

Shares of

Hillenbrand Industries

(HB)

fell after the company announced grave second-quarter earnings. Excluding items, the coffin maker earned 85 cents per share on revenue of $482 million. Analysts were expecting the company to earn 98 cents per share.

Looking ahead, the company said that it expects to deliver net income of 74 cents to 77 cents per share in the third quarter on revenue of $477 million to $492 million. Analysts were expecting Hillenbrand to earn $1.14 per share during the third quarter. For all of 2004, the company says that it expects to earn $3.25 per share to $3.30 per share on revenue of $1.9 billion to $1.92 billion.

Analysts were expecting the company to deliver 2004 profits of $4.24 per share on revenue of $2.39 billion. Shares of Hillenbrand traded down $10.85, or 16.1%, to $56.75.

Family Dollar Stores

(FDO)

fell after the company announced weak April same-store sales and lowered its financial outlook for its third and fourth quarters. On Thursday, Family Dollar said that same-store sales declined 0.4% vs. a year ago. It also said that it was lowering its third- and fourth-quarter earnings guidance.

Instead of growing net income 14% to 16% each quarter, which the company had previously forecast, it now expects to grow earnings 5% to 10% for the third quarter and 8% to 12% for the fourth quarter. Shares of Family Dollar traded down $2.51, or 7.8%, to $29.51.

Greenhill

(GHL) - Get Report

soared as investors gobbled up the investment banker's stock on its first day of trading. Its shares traded up $3, or 17.1%, to $20.50; the company priced 5 million shares at $17.50 Wednesday. The stock's underwriters included Goldman Sachs, Lehman Brothers and UBS Investment Bank.

Shares of

RehabCare Group

(RHB)

rose after the company announced stellar first-quarter earnings and revenue. After excluding a restructuring charge of 6 cents per share and a one-time gain of 2 cents per share, the company earned 35 cents per share on revenue of $104.5 million.

Analysts were looking for RehabCare to earn 31 cents per share on revenue of $81 million. With the company's recent business momentum, it now expects to deliver earnings of $1.34 to $1.44 a share for 2004 on revenue of $370 million to $390 million. Analysts were looking for 2004 earnings of $1.34 per share on revenue of $335.4 million. Shares of the company traded up $1.81, or 8.3%, to $23.51.

Over on the Nasdaq, shares of

THQ

(THQI)

rose after the video-game maker delivered better-than-expected fourth-quarter earnings and

raised its 2005 outlook .

After announcing fourth-quarter earnings of 14 cents a share, 2 cents better than expected, and revenue of $123 million, which easily outpaced the $108.9 million analysts were expecting, the company offered 2005 financial guidance of $1.05 per share to $1.10 a share in net income on revenue of approximately $680 million.

Previously, the company had guided analysts to expect earnings of 94 cents a share on revenue of $655 million for fiscal 2005. For the company's upcoming first quarter, however, it expects to lose 10 cents a share on revenue of $85 million. Analysts were looking for the company to lose 5 cents per share on revenue of $96.7 million. Shares of THQ traded up $2.17, or 11.8%, to $20.55.

ECI, Hansen Effervescent

Shares of

ECI Telecom

(ECIL)

rose after the company announced first-quarter results. ECI lost 1 cent a share on revenue of $111 million. Analysts were looking for a loss of 5 cents a share on revenue of $107.8 million. ECI also said that it expected to be profitable sooner than originally thought.

"We see a clear pickup in our business. We expect continued revenue growth throughout 2004" and "we plan to return to profitability earlier than expected during 2004," the company said in its earnings press release. Shares of ECI traded up 23 cents, or 4.4%, to $5.50.

Hansen Natural

(HANS)

rose on strong first-quarter results. The company earned 19 cents per share on revenue of $38.7 million, which compares favorably with the 6 cents per share it earned on revenue of $27.7 million a year ago. The beverage maker traded up $2.25, or 16.4%, to $16.

Two days after delivering lackluster earnings results, shares of

Zix

(ZIXI) - Get Report

were still twisting in the wind on Thursday. On Tuesday evening, the company announced weaker-than-expected earnings for its first quarter and tepid guidance that fell below analysts' expectations for the second quarter.

Investors pounded shares on Wednesday, sending prices down 15.6%. On Thursday, investors continued their assault on Zix. Shares finished the day down $2.60, or 22.6%, to $8.89.

Shares of

US Concrete

(RMIX)

got jack-hammered after the company announced weak first-quarter earnings. The concrete maker lost 15 cents per share -- excluding items -- on revenue of $90.3 million. Analysts were looking for a narrower loss of 14 cents a share.

Revenue was higher than the company's previous guidance of $90.3 million. Looking ahead, US Concrete said that it expects earnings of 15 cents per share to 20 cents a share in the second quarter on revenue of $130 million to $135 million. Analysts were looking for the company to earn 19 cents per share. For the full year, the company expects to deliver, after adjusting for a loss for early extinguishment of debt, a net profit of 38 cents a share to 43 cents a share.

Analysts were looking for the company to earn 48 cents per share. Shares of US Concrete traded down 61 cents, or 9.7%, to $5.69.