Updated from 11:42 a.m. EDT
were among the
losers Monday, falling 17.9% after the company posted a fourth-quarter loss and disclosed a
Securities and Exchange Commission
inquiry related to its internal controls.
The maker of polymer foam products posted a loss of $15 million, or 61 cents a share, on sales of $328.6 million. A year ago the company posted a loss of $3.5 million, or 14 cents a share, on sales of $315.2 million. Foamex said the decline in earnings was due to higher raw-material costs and other operating costs. Gross profit as a percentage of sales fell to 8.7% from 11.8% a year ago. Looking ahead, the company said it would combat escalating raw material costs by pushing through customer price increases and by tightening spending.
The company also announced that the SEC is conducting an informal probe, which relates to an April 2004 company disclosure regarding its internal controls. Foamex is negotiating a settlement with the SEC's staff, it said. Shares traded down 33 cents to $1.51.
fell 3% after the company warned that it would post a first-quarter loss. The bank holding company blamed the loss on its mortgage segment, which was affected by volatile interest rates and the generally accepted accounting principle cap on the valuation of mortgage servicing rights. Results from the company's other reporting segments are on plan, the company said. Analysts polled by Thomson First Call had been expecting first-quarter earnings of 48 cents a share.
Even though the company expects its earnings to return to its original plan during the remainder of the year, Irwin does not expect profit during the final three quarters to be enough to push full-year earnings above 2004's results. The company posted 2004 earnings of $2.32 a share. Analysts are expecting 2005 earnings of $2.38 a share. Shares traded down 69 cents to $22.36.
rose modestly after the company, which makes armored products for the U.S. military, said that it received a $16.1 million contract from the Defense Supply Center-Philadelphia to supply additional quantities of outer tactical vests. Armor said that it would supply a variety of customers under the contract modification, the U.S. Marine Corps being the most noteworthy. The company said that work under the contract would be performed in 2005.
Separately, Armor Holdings increased its stock-repurchase plan by an additional 3.5 million shares, which represents about 10.2% of its outstanding shares. In all, the company now has the ability to repurchase up to 7.3 million shares under its current repurchase plan, or about 21.3% of its outstanding shares. Shares traded up 38 cents to $36.40.
rose 2.1% after the oil and gas producer said that Keith Hutton would take over as chief executive on May 1. He'll succeed Steffen Palko, who will continue to serve the company as a consultant. Hutton currently services as executive vice president of operations. In addition to Hutton's promotion, Vaughn Vennerberg was promoted to senior executive vice president of acquisitions and Tim Petrus was promoted to executive vice president of acquisitions. Shares traded up 74 cents to $35.33.
rose 8% after the company agreed to be acquired by
for $135 million in cash and 19.2 million shares of stock. On the basis of Friday's closing prices, the deal implies a 19% premium for Mission shareholders. The acquisition is expected to close during the third quarter of 2005. Shares of Mission traded up 58 cents to $7.80; shares of Petrohawk traded down 69 cents to $10.84.
volume leaders included
American International Group
, up $2.35 to $53.30;
, down 9 cents to $2.62;
, up 28 cents to $3.66;
, up $1.43 to $58.30;
, down $2.33 to $56.98;
, up 10 cents to $60.65;
, down 23 cents to $35.24;
, down $4.75 to $59.60; and
, down 3 cents to $44.59.
Nasdaq volume leaders included
, up 11 cents to $24.23;
, down 8 cents to $22.93;
, down 3 cents to $17.67;
, up 16 cents to $12.69;
, down 11 cents to $5.45; and
, up 79 cents to $35.07.