Updated from 12:43 p.m. EDT
fell as much as 10% Thursday after the company missed second-quarter earnings estimates and warned that third-quarter revenue would fall short of estimates.
The Columbia, Md.-based food-additives company earned 11 cents a share on sales of $41.9 million during the second quarter. Analysts polled by Thomson First Call were looking for the company to earn 14 cents a share on sales of $39.4 million. Looking ahead, Martek said a fire that occurred at a trading partner's facilities in May will hamper the company's ability to meet revenue forecasts. The production loss will cause a reduction of about $7 million to $9 million in revenue for Martek during the third quarter. The facility is scheduled to restart production today, but reduced volume is expected, which will result in lower-than-anticipated deliveries of arachidonic acid in the fourth quarter. Martek sells the acid to its infant formula licensees.
Shares of Martek traded down $3.36, or 5.6%, to $56.50 on volume of 5.1 million shares, or about eight times its normal daily volume.
rose over 7% on active volume after the company announced a distribution agreement with
. DBL, a distributor of consumer electronics accessories, will sell Mace's electronic surveillance products to its DBL customer base. Shares of Mace Security traded up 41 cents to $6.05 on volume of 12.9 million shares, which is about three times its normal daily volume.
CB Richard Ellis
fell below their offering price on the company's first day of trading. The commercial real estate operator priced some 24 million shares at $19 apiece, raising $456 million. Of the 24 million shares sold, the company offered 7.7 million shares while early stage investors sold 16.3 million. CB Richard Ellis expects to receive about $138 million in net proceeds as a result of the IPO. Shares of CB Richard Ellis ended the day down 65 cents, or 3.4%, to $18.35 on volume of 11.7 million shares.
In addition to Martek Biosciences and Mace Security,
volume leaders included
Sirius Satellite Radio
, down 10 cents to $3.16;
, up 30 cents to $26.77;
, up 24 cents to $28.64; and
, up 17 cents to $11.71.
In addition to CB Richard Ellis,
volume leaders included
, unchanged at $3.97;
, down 6 cents to $3.40;
, up 11 cents to $17.50; and
, up 31 cents to $31.49.
Among notable Nasdaq price movers, shares of
rose $1.15, or 7.1%, to $17.35 after the Portland, Ore.-based company raised its second-quarter earnings estimates. Northwest attributed the improved outlook to a $14 million order it received from
PCL Civil Constructors
. As a result of the order, it now expects to earn 40 cents to 45 cents a share during its second quarter. Analysts were expecting the company to earn 20 cents a share.
rose 24 cents, or 4.4%, to $5.66 after
agreed to use Lightbridge's Grouptalk voice conferencing product in its AOL instant-messaging business-services product. Lightbridge hopes the relationship will result in significant transaction fees for the company.
Shares of Tel Aviv, Israel-based
rose 63 cents, or 11.5%, to $6.10 after the company said it was selected as a sole supplier for
21st Century Network trials. BT and ECI will begin the trials in October 2004.
White Electronic Designs
fell 83 cents, or 13.9%, to $5.16 after the company warned that third-quarter earnings and sales would fall below expectations. The company said that a shift in military spending for microelectronic products precipitated the sales and earnings shortfall. Management expects earnings of breakeven to a slight loss during the third quarter on sales of $24 million to $25 million. Analysts were looking for earnings of 7 cents a share on sales of $30.4 million.
slumped $5.29, or 11.2%, to $42.03 after the company reported weaker-than-expected third-quarter earnings and sales. The medical diagnostic and security equipment company earned 13 cents a share during the third quarter on sales of $92.3 million. Analysts were expecting earnings of 36 cents a share on sales of $94.4 million.
fell 55 cents, or 10.1%, to $4.89 after the company reported lower-than-expected second-quarter results. After excluding items, SCO reported a loss of 47 cents a share on sales of $10.1 million. The lone analyst following the company expected SCO to lose 33 cents a share on sales of $11.6 million. Looking ahead, SCO says that revenue will be between $10 million and $12 million during the third quarter, in line with expectations.
Over on the Big Board, shares of
jumped more than 15% after a Banc of America Securities analyst raised her rating to neutral from sell. In a note to clients, Dana Cohen said Dillard's is a possible takeover target, though she put the odds of a takeover at about 20%. Still, she said Dillard's has a potential price target of around $57 a share. Shares of Dillard's traded up $3.05 to $23.23.
rose 85 cents, or 6.9%, to $13.10 after the company priced 10.6 million shares at $12.25 apiece. Proceeds from the offering will be used to fund the recently announced acquisition of the 50% of Great Lakes Energy Partners that Range does not already own, the company said. If the Great Lakes acquisition is not completed, however, the oil and gas company plans to use the proceeds for general corporate purposes.
rose 60 cents, or 3.9%, to $16.05 after the company received final approval from the European Commission for its previously announced acquisition of
. The acquisition will make Owens-Illinois the largest producer of glass containers in Europe. The acquisition is expected to add about $1.5 billion in annual sales to Owens.
dipped 23 cents, or 2%, to $11.18 after the company reiterated earnings and sales guidance for the second quarter and full year. The company expects to earn 8 cents a share on sales of $1.95 billion to $1.98 billion during the second quarter. Analysts are expecting the company to earn 8 cents a share on sales of $1.97 billion. For the full year it expects sales of $8.1 billion vs. estimates of $8.08 billion. Earnings -- before items -- are expected to come in at $850 million.