( FLE) were among the
winners Wednesday, rising 7.3% after the recreational vehicle manufacturer said that it would jettison its retail manufactured housing and financial services businesses and combine some of its manufactured housing plants in an effort to shore up its ailing business.
Fleetwood will implement the exit strategy over the course of the next 12 months. The company said that it would sell its businesses as a combined entity or separately. "We are taking this action in order to stem losses and concentrate our attention on our core businesses," the company said. In March Fleetwood posted a big third-quarter loss and announced the resignation of its chief executive. Shares traded up 64 cents to $9.39.
fell 3.8% after the brewery company said that it could miss first-quarter earnings expectations as it struggles with soft domestic beer sales. The company posted a 2.7% decline in domestic beer sales-to-wholesalers during the first quarter compared to a year ago, while its domestic beer wholesaler sales-to-retailers business posted a drop of 1% on a comparable selling day basis.
In order to jumpstart the business, Anheuser-Busch said it would step up its new product, packaging and marketing efforts, though the company said it would take time for the initiatives to gain traction. Excluding items, the company expects to post a first-quarter profit of 63 cents to 64 cents a share. A year ago it earned 66 cents a share. Analysts polled by Thomson First Call are expecting earnings of 64 cents a share. For all of 2005, Anheuser-Busch expects earnings of $2.76 to $2.84 a share, which excludes one-time items and stock option expensing. Analysts are expecting 2005 earnings of $2.74 a share. Shares traded down $1.79 to $45.65.
( NDE) rose 4.7% after the company said that it expects to post first-quarter earnings above expectations. The mortgage and banking company now expects to post earnings of at least 90 cents a share, which is the midpoint of its previous guidance. Analysts had been expecting earnings of 89 cents a share. A big jump in mortgage volume led to the revised outlook. Mortgage volume jumped to $11.6 billion during the first quarter, a 68% improvement compared to a year ago. IndyMac's market share during the first quarter came in at 2%, up from 1.1% a year ago, it said. IndyMac will release its first-quarter results on April 27. Shares traded up $1.60 to $35.60.
Wilsons The Leather Experts
rose 13.1% after the company said March same-store sales rose 27% from a year ago. In March 2004, the company posted a same-store sales decline of 2.6%. Higher inventory levels, a shift of Easter from April into March and cooler temperatures led to the strong sales gains, the company said. Since posting strong earnings in early March, shares of Wilsons have been on a tear, jumping more than 65%. Shares traded up 63 cents to $5.43.
rose 7.3% after the company received a three-year pipeline replacement contract from ONGC, India's national oil company. The contract calls for Global and
Larsen & Toubro
to replace about 115 miles of oil and gas pipelines offshore Mumbai, India. The entire contract is worth about $422 million; Global's portion of the contract is worth about $212 million. Shares of the pipeline construction company traded up 73 cents to $10.67.
NYSE volume leaders included
( LU), up 8 cents to $2.61;
, down 4 cents to $26.86;
, down $4.48 to $33.51;
, up 84 cents to $60.90; and
, down 17 cents to $49.50.
volume leaders included
( SEBL), down 89 cents to $8.26;
, up 20 cents to $24.67;
, down 8 cents to $23.05;
, down 5 cents to $17.77; and
Sirius Satellite Radio
, down 20 cents to $5.39.