Stocks in Motion: Marvel

The shares fall after the entertainment licensing outfit issues weak guidance.

Author:
Mark Martinez
Publish date:
Jul 29, 2004 4:49 PM EDT

The shares fall after the entertainment licensing outfit issues weak guidance.

Updated from 11:24 a.m. EDT

Shares of

Action Performance

(ATN)

were among the

NYSE's

losers Thursday after the company posted weaker-than-expected third-quarter earnings and sales and offered a bleak fourth-quarter outlook.

Excluding items, the maker of die-cast cars posted a profit of 31 cents a share on sales of $92.2 million during the third quarter. Analysts polled by Thomson First Call had expected it to earn 42 cents a share on sales of $94 million. Looking ahead, the company said that "the challenging retail environment" has made it difficult to accurately predict sales, so it has decided to not offer specific fourth-quarter guidance. It did say, however, that fourth-quarter earnings and sales would be "less than previously anticipated." Analysts are looking for it to earn 48 cents a share on sales of $102 million during this year's fourth quarter. Shares of Action Performance traded down $2.85, or 20.7%, to $10.90.

Marvel Enterprises

(MVL)

fell after it reported stronger-than-expected second-quarter results but warned that third-quarter results would fall short of expectations. The entertainment licensing company earned 25 cents a share during the second quarter on sales of $155.5 million. Analysts had expected it to earn 19 cents a share on sales of $150.5 million. Looking ahead, however, it forecast a third-quarter profit of 20 cents to 23 cents a share on sales of $97 million to $102 million. Analysts were expecting it to earn 25 cents a share on sales of $108 million. Shares of Marvel Enterprises traded down $2.32, or 15%, to $13.18.

Shares of

Coca-Cola Enterprises

(CCE)

fell after the company posted weaker-than-expected second-quarter results and warned that full-year results would fall short of expectations. Excluding items, the Coca-Cola bottler earned 48 cents a share on sales of $4.84 billion. Analysts had expected it to earn 61 cents a share on sales of $4.91 billion. Looking ahead, it now expects full-year earnings to be at the low end of its current range of $1.48 to $1.52 a share. Analysts are looking for it to earn $1.54 for the year. Shares of Coca-Cola Enterprises traded down $4.40, or 17.6%, to $20.63.

PolyOne

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(POL) - Get PolyOne Corp. Report

rose after it posted better-than-expected second-quarter earnings and sales. Excluding items, the plastics maker earned 27 cents a share on sales of $557.8 million. Analysts had expected it to earn 17 cents a share on sales of $548.5 million. Looking ahead, the company expects third-quarter sales to be down 1% to 2% sequentially, which would result in third-quarter sales of $546.6 million to $552.2 million. Analysts are expecting it to report sales of $543.1 million. Shares of PolyOne traded up 86 cents, or 13.3%, to $7.35.

Shares of

Whole Foods Market

(WFMI)

fell after the company reported weaker-than-expected third-quarter earnings and said that its full-year earnings results should match analysts' expectations. The natural food store operator earned 50 cents a share during the third quarter on sales of $917.6 million. Analysts had expected it to earn 51 cents a share on sales of $911 million. Looking ahead, it expects to post earnings at the top end of its previously stated guidance of $2.03 to $2.10 a share. Analysts are looking for $2.10 a share. Shares of Whole Foods Market traded down $4.39, or 5.1%, to $81.62.

NYSE volume leaders included

Lucent

(LU)

, up 4 cents to $3.11;

Nortel Networks

(NT)

, up 23 cents to $3.73;

Bristol-Myers

(BMY) - Get Bristol-Myers Squibb Company Report

, down $1 to $22.57;

General Electric

(GE) - Get General Electric Company Report