Stocks in Motion: Golar

Shares of the shipping company are hit on a third-quarter earnings miss.

Author:: Mark Martinez
Publish date:: Nov 29, 2004 4:39 PM EST

Updated from 11:57 a.m. EDT

Shares of

China Automotive Systems

(CAAS) - Get Report

were among the

Nasdaq's

winners Monday, rising 111.7% after the company said it was selected by

General Motors

(GM) - Get Report

as an exclusive supplier for steering pumps for the Spark 1.0 vehicle.

The pumps will be produced by Zhejiang Heglong & Vie Pump, a joint venture that China Automotive holds a 51% ownership position in. The pumps will be provided to SAIC GM Wuling Automobile, a General Motors joint venture that expects to produce about 10,000 of the Spark vehicles in 2005. Shares of China Automotive traded up $8.38 to $15.88.

Inter Parfums

(IPAR) - Get Report

rose 14.7% after the company said 2005 sales would rise 23% over 2004. The company said it expects to earn 77 cents a share on sales of $280 million. Analysts polled by Thomson First Call had been expecting sales of $265.3 million and earnings of 77 cents a share. The company said that a successful launch of its Burberry Brit for men, continued gains for its Burberry fragrances, the continued geographic rollout of Paul Smith London, and other initiatives are responsible for the top-line forecast. Shares traded up $2.19 to $17.12.

Shares of

Golar LNG

(GLNG) - Get Report

fell 11.4% after the shipping company posted a third-quarter profit that fell short of expectations. The company earned 8 cents a share on sales of $43.5 million. Analysts were expecting earnings of 21 cents a share. A year ago the company earned 12 cents a share on sales of $30.4 million. This year's results included the company's share of Korea Line, in which it owns a 21% position. Third-quarter earnings at Korea Line, Golar said, were dragged down by volatility in the dry-bulk spot market, which affected the chartering in and chartering out of dry-bulk vessels. Shares traded down $1.92 to $14.94.

OMI

( OMM) rose 3.6% after the company said fourth-quarter earnings would come in above analysts' estimates. The oil tanker operator expects earnings of $1.10 a share. Analysts were expecting earnings of 97 cents a share. OMI said that rates for its Suezmax vessels, which averaged about $84,500 a day for the 80% of the days booked in the quarter, are expected to fetch about $97,000 a day for the remaining unbooked portion of the quarter. Shares traded up 73 cents to $20.98.

Shares of

Pilgrim's Pride

(PPC) - Get Report

fell 4.7% after the poultry company said

ConAgra Foods

(CAG) - Get Report

plans to sell 10 million of its shares. The stock is being offered as a supplement to the company's existing shelf registration. Pilgrim's Pride, which will not receive any proceeds from the offering, said ConAgra will not be eligible to sell any more of its Pilgrim's Pride shares for one year after the sale. Shares of Pilgrim's Pride traded down $1.63 to $33.36.

NYSE

volume leaders included

Lucent

( LU), unchanged at $3.99;

Nortel Networks

( NT), up 3 cents to $3.42;

Pfizer

(PFE) - Get Report

, up 17 cents to $27.33;

Calpine

(CPN)

, up 7 cents to $3.64;