Corn Products International
were among the
losers Thursday, falling 16% after the food ingredients company cut its 2005 earnings guidance.
The company now expects earnings of $1.16 to $1.22 a share, down from previous guidance of $1.34 to $1.44 a share. Analysts surveyed by Thomson First Call had been expecting earnings of $1.40 a share. A year ago the company earned $1.25 a share. The company said lower operating profits at its U.S. operations and an increase in its estimated tax rate would hurt results. Corn Products now expects a 38.5% tax rate, up from previous guidance of 34.5% and up from 30% a year ago. The company said that slightly less than half of its earnings reduction is attributed to the higher tax rate. Shares were trading down $3.50 to $17.76.
Engineered Support Systems
rose 23% after the company agreed to be acquired by
for about $2 billion in cash and stock, or $43 a share, representing a 29% premium to Wednesday's closing price of $33.35.
Shareholders will receive $30.10 a share in cash and $12.90 a share in DRS stock, assuming that DRS's average stock price is between $46.80 and $57.20 a share when the deal closes. The transaction, which should close by the end of March 2006, is expected to add about 20 cents a share in earnings and $1.23 billion in sales during the first full year of operation with DRS. Shares of Engineered Support were trading up $7.58 to $40.93, while shares of DRS were trading up 10 cents to $48.10.
rose 2% after the company posted first-quarter results that topped expectations. The cereal producer earned $252 million, or 64 cents a share, on sales of $2.66 billion. Analysts were expecting earnings of 56 cents a share on sales of $2.63 billion. A year ago General Mills earned $183 million, or 45 cents a share, on sales of $2.59 billion.
Looking ahead, General Mills reaffirmed full-year earnings of $2.78 to $2.83 a share, which includes an impact of about 7 cents a share related to the company's accounting for contingently convertible debt, on low-single-digit sales growth. Analysts are expecting earnings of $2.90 a share. Shares were trading up 88 cents to $45.56.
fell 14% after the company said that 2005 sales would be below analysts' expectations. The company, which provides radioactive materials disposition services, said that it expects sales of $280 million to $286 million. Analysts had been expecting sales of $297.9 million. A year ago the company posted sales of $286 million.
"The 2005 revenue outlook reflects a lower than anticipated level of new commercial work required to offset projects completed during the year, a lengthening of the sales cycle in the company's federal business and no international work awarded to date," the company said. Shares were trading down $2.79 to $16.79.
fell 2% after the construction equipment company said it needs more time to restate its financial statements for the year ended Dec. 31, 2004, and prior periods. A week ago the company said that it would be filing its financials during the next several business days. "However, Terex has now determined that additional items in its historical financial statements should be reviewed for completeness and accuracy," the company said.
Terex said that it is disappointed with the delay, "but given the prior disclosure and following a voluntary meeting held with the SEC, we have chosen to review some historical items not included in our prior scope of work," it said. Terex will complete the restatement process as soon as practicable, it said. Shares were trading down 81 cents to $48.64.
NYSE volume leaders included
, down 5 cents to $29.55;
, down 6 cents to $2.59;
, up 1 cent to $3.06;
, down $1.18 to $18.61;
, up 15 cents to $42.64;
, up 9 cents to $18.17;
, up 79 cents to $65.76; and
, up 83 cents to $24.38.
volume leaders included
, down 24 cents to $25.25;
, down 11 cents to $17.74;
, down 9 cents to $3.85;
, unchanged at $24.50;
, up 6 cents to $13.35;
, up 3 cents to $32; and
Sirius Satellite Radio
, up 1 cent to $6.60.