were among the
losers Monday, falling 7% after the online retailer said that a technology upgrade hurt its sales and margins during the third quarter.
"In working through the implementation of these new systems, the company has not loaded new products from its warehouse and fulfillment partners onto the Web site for nearly five weeks, several weeks longer than the company had anticipated," Overstock said in a statement. As a result, the company said, the upgrade caused sales to slow sharply. The upgrade, in combination with the company's extended dollar-shipping promotion, put "downward pressure on gross margins during the quarter," Overstock said.
Despite the third-quarter outlook, the company said it continues to stand by its goal of posting break-even earnings, plus or minus 1%, for the year. Shares were recently trading down $3.06 to $39.79.
fell 2% after the watchmaker and
failed to reach a production and distribution agreement. In late August, the two companies said they were in advanced negotiations for a 10-year licensing deal in which Fossil would manufacture and distribute Guess and Guess Collection watches beginning in January 2007. "Fossil and Guess have been unable to reach final agreement as to certain material terms and have therefore discontinued negotiations at this time," Fossil said. Shares of Fossil were trading down 31 cents to $19.89.
( SKE) rose 32% after the oil exploration and production company agreed to be acquired by
( NHY) for $2.45 billion in cash. In addition to the $65.50 a share that Spinnaker shareholders will receive, Hydro will also assume about $110 million in debt as part of the deal. The price represents a 34% premium to Friday's closing price of $48.75. "Hydro's industry-leading expertise in deepwater exploration and production, combined with Spinnaker's unique skills and acreage position in the region, will enable us to develop these prospects profitably in a stable and attractive fiscal environment," Norsk Hydro said. The transaction is expected to close during the fourth quarter of 2005. Shares of Spinnaker were trading up $15.86 to $64.61 while Norsk Hydro was trading up 67 cents to $115.48.
fell 2% after the company posted second-quarter results that fell short of expectations. The maker of office furniture earned $13.8 million, or 9 cents a share, on sales of $702.9 million. Results included after-tax charges totaling $6.1 million. Analysts polled by Thomson First Call were expecting earnings of 14 cents a share on sales of $732 million. A year ago the company earned $7.3 million, or 5 cents a share, on sales of $651 million. Last year's results included charges of $1.4 million.
Looking ahead, Steelcase forecast earnings of 10 cents to 15 cents a share, including after-tax restructuring charges of $2 million to $5 million, on sales growth of 8% to 12%. A year ago the company posted third-quarter sales of $674.1 million. Analysts are expecting third-quarter earnings of 13 cents a share on sales of $743.5 million. Shares were trading down 24 cents to $13.95.
( TBCC) rose 31% after the seller of replacement tires agreed to be acquired by Sumitomo for $35 a share in cash. The deal, which includes the assumption of debt, has a total value of about $1.1 billion. The acquisition price represents a 34% premium to Friday's closing price of $26.12. The deal is expected to close by the end of the year. Shares of TBC were trading up $8.22 to $34.34.
volume leaders included
, up 16 cents to $44.03;
( LU), down 5 cents to $3.03;
, up $1.16 to $64.86;
, down 5 cents to $18.85;
, down 35 cents to $34.12;
, down 31 cents to $25.59; and
, up $5.89 to $84.35.
Nasdaq volume leaders included
Sirius Satellite Radio
, down 29 cents to $6.76;
, up 4 cents to $26.11;
, down 24 cents to $18.18;
( SEBL), down 2 cents to $10.28;
, down 2 cents to $13.23; and
, down 25 cents to $24.56.