( CRYP) plummeted Tuesday after disclosing that one of its customers is considering developing its own technology to run an online gambling site. CryptoLogic, which licenses software for online casinos, said losing the customer, Betfair, wouldn't impact its 2005 results, but could hurt 2006 earnings if the revenue isn't replaced with growth from existing and potential new licensees.
"Discussions continue between the companies and no definitive decision has been made on the status of Betfair's Internet poker site," CryptoLogic said. Still, the stock fell $5.94, or 25%, to $17.94.
Three initial public offerings make their Wall Street debut Tuesday.
Ruth's Chris Steak House
priced 13 million shares Monday night at $18 apiece, while
priced 18 million shares at $17.50 and
James River Group
sold 4.4 million shares at $18 each. The offerings come on the heels of the mega success of Chinese search engine
, which went public Friday and is up more than 300%.
fell after the company reported a 39% decline in second-quarter earnings and lowered its guidance. Fossil earned $9.7 million, or 13 cents a share, in the most recent quarter, compared with $15.8 million, or 21 cents a share, a year ago. Revenue was $226.2 million. Analysts were forecasting earnings of 14 cents a share on revenue of $232.4 million. For the third quarter, the company expects to earn 28 cents a share, while for the fourth quarter it expects to earn 57 cents a share. Both are below estimates. The stock was recently down $1.20, or 5.1%, to $22.32.
( HANS) traded actively after saying third-quarter profit rose to $15.2 million, or 63 cents a share, from $5.1 million, or 22 cents a share, a year ago. Sales jumped 85.3% from a year ago to $85.4 million. The stock, which just split 2-for-1, was recently up 94 cents, or 2%, to $49.22.
eased after the maker of bearing components said it was downwardly revising its previously reported second-quarter earnings. The company said it discovered a "sales invoicing issue" involving a single customer in its industrial molding division. The revision will cut reported revenue by $400,000 to $83.8 million and cut earnings to 19 cents a share from 21 cents. NN fell 35 cents, or 3%, to $11.65.