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Stocks in Motion: Exide

Shares are crushed on a covenant warning.

Updated from 11:35 a.m. EDT

Shares of

Exide Technologies

(XIDE)

were among the

Nasdaq's

losers Tuesday, falling 38.3% after the company said it expects to be in violation of its financial covenants for the period ended March 31, 2005.

The battery maker said it expects to be in violation of its minimum consolidated EBITDA and leverage ratio covenants in its $365 million senior credit facility. The company is working with the administrative agent for the credit facility in an attempt to secure amendments to the covenants. Exide expects its adjusted EBITDA for the year ended March 31 to be between $100 million and $107 million. The covenant issues relate to the impact of commodity costs, the loss of overhead absorption due to an inventory-reduction initiative, other fourth-quarter inventory valuation adjustments and costs related to Sarbanes-Oxley compliance.

For the fourth quarter, Exide posted a loss of $70.7 million, up from $50.4 million a year ago. Sales, meanwhile, were about $712 million, up from $676 million last year. This year's sales increase was primarily due to currency and lead-related pricing actions, Exide said. Shares traded down $4.27 to $6.88.

Big Lots

(BLI)

rose 14.2% after the retailer posted first-quarter results that topped expectations. The company earned $7.8 million, or 7 cents a share, on sales of $1.1 billion. Analysts polled by Thomson First Call were expecting earnings of 5 cents a share on sales of $1.09 billion. A year ago the company earned $6.4 million, or 5 cents a share, on sales of $1.02 billion. Looking ahead, Big Lots backed its second-quarter earnings guidance that calls for a loss of 1 cent a share to a profit of 3 cents a share. The estimate is based on a 3% to 5% increase in comparable-store sales. Analysts are expecting a loss of 1 cent a share. Shares traded up $1.58 to $12.75.

Shares of

Jo-Ann Stores

(JAS)

fell 11.2% after the fabrics retailer posted first-quarter earnings that missed expectations and warned that its second-quarter results would be well below forecasts. The company earned $4.2 million, or 18 cents a share, on sales of $420.7 million. Analysts were expecting earnings of 21 cents a share on sales of $412 million. A year ago the company earned $6.7 million, or 30 cents a share, on sales of $404.9 million. Same-store sales increased just 0.6% during the most recent period, down from 6.6% a year ago. Looking ahead, Jo-Ann Stores forecast a second-quarter loss of 10 cents to 15 cents a share. That's well below the break-even earnings that analysts had been expecting. Shares traded down $3.13 to $24.95.

Deere & Co.

(DE) - Get Report

rose 4.2% after the farm-equipment maker posted blowout second-quarter results. The company earned $604 million, or $2.43 a share, on sales of $6.62 billion. Analysts were expecting earnings of $2.13 a share on sales of $6.05 billion. A year ago the company earned $477.3 million, or $1.88 a share, on sales of $5.88 billion. Looking ahead, Deere forecast third-quarter earnings of $450 million to $475 million. Equipment sales, excluding the impact of currency translation, are expected to grow by 13% to 15%. Shares traded up $2.50 to $62.29.

Shares of

Jabil Circuit

(JBL) - Get Report

fell 0.7% after the company backed its 2005 financial guidance. The company said that it still expects core earnings of $1.27 to $1.29 a share on sales of about $7.5 billion. Including items, the company expects earnings of $1.09 to $1.11 a share. "The company does not comment on or provide customer-specific guidance," it said. "However, in light of an unsubstantiated news item posted online late yesterday afternoon, Jabil management said that its current guidance remained unchanged." Late Monday

TheStreet.com

reported that

Lucent Technologies

(LU)

is preparing to end its manufacturing agreement with the company. Shares traded down 19 cents to $28.89.

Taser International

(TASR)

fell 11.6% after the stun-gun maker delayed its quarterly filing with the

Securities and Exchange Commission

. "Because of the substantial amount of time and effort required to complete the restatement of its financial statements for the year ended December 31, 2004, the company is unable to file its form 10-Q for the period ended March 31, 2005, with the commission by the prescribed filing date of May 16, 2005, without unreasonable effort or expense," the company said in a regulatory filing. As a result, the company needs an additional five days to complete its first-quarter report, which was due Monday. Shares traded down $1.35 to $10.33.

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volume leaders included

Lucent Technologies

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Exxon Mobil

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, up 51 cents to $53.86;

Pfizer

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, down 3 cents to $28.20;

Corning

(GLW) - Get Report

, down 29 cents to $14.74;

Home Depot

(HD) - Get Report

, up $1.49 to $38.86; and

Wal-Mart

(WMT) - Get Report

, down 22 cents to $47.

Nasdaq volume leaders included

Intel

(INTC) - Get Report

, up 37 cents to $25.70;

Oracle

(ORCL) - Get Report

, down 14 cents to $12.21;

Cisco Systems

(CSCO) - Get Report

, down 3 cents to $19.06; and

Microsoft

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, down 3 cents to $25.46.PRIMARY="NO"/>, down 3 cents to $16.04.