Updated from 11:42 a.m.

Shares of

O'Charleys

( CHUX) were among the

Nasdaq's

losers Wednesday, falling 14.1% after the company posted mixed first-quarter results and warned that second-quarter earnings would fall short of expectations.

The restaurant operator posted earnings of $10.1 million, or 44 cents a share, on sales of $290.5 million. Analysts polled by Thomson First Call were expecting earnings of 43 cents a share on sales of $297.5 million. A year ago the company earned $7.6 million, or 33 cents a share, on sales of $267.7 million.

Looking ahead, O'Charleys forecast second-quarter earnings of 19 cents to 23 cents a share, which is below the 29 cents a share that analysts had been expecting. Improvements in food cost margin are expected to be offset by higher employee benefit costs, restaurant operating costs and preopening costs. The company also said that it is taking a cautious approach because of higher gasoline prices and rising interest rates, which, the company said, is "likely to create uncertainty in consumer spending patterns and may negatively impact customer spending in our restaurants." Shares traded down $2.85 to $17.40.

PC Mall

( MALL) fell 24.1% after the computer retailer swung to a first-quarter loss. The company reported a loss of $4.2 million, or 36 cents a share, on total sales of $293.7 million. Its core business, which excludes eCost.com and Onsale.com, posted a loss of 18 cents a share on sales of $236.9 million. Analysts were expecting a loss of just 2 cents a share on sales of $271.6 million. A year ago the company posted a pro forma profit of 4 cents a share in its core business on sales of $239.8 million. "The surge in sales that we expected at the end of the quarter failed to materialize despite aggressive pricing promotions intended to stimulate demand," the company said. Shares traded down $1.23 to $3.87.

Shares of

OshKosh B'Gosh

( GOSHA) fell 12.5% after the company agreed to be acquired by

Carter's

(CRI) - Get Report

for about $312 million, or $26 a share, in cash. In February, OshKosh hired Goldman Sachs to help the company explore strategic alternatives. At the time, OshKosh was trading at just under $23 a share. Once the deal is complete, the two companies will have combined sales of more than $1.3 billion and operate 352 stores. The deal, expected to close during the third quarter of 2005, is expected to be neutral to slightly accretive to Carter's earnings in 2005 and accretive to earnings in 2006. Shares of OshKosh traded down $3.66 to $25.74, while shares of Carter's traded up $4.80, or 11.7%, to $45.75.

Ceridian

(CEN) - Get Report

rose 6.3% after the company posted first-quarter results that topped expectations. The provider of payroll processing services posted earnings of $22 million, or 15 cents a share, on sales of $357.4 million. Results included a negative adjustment of 3 cents a share, which was related to fuel price derivatives, and other charges that totaled 2 cents a share. Analysts were expecting earnings of 16 cents a share on sales of $351.9 million. A year ago the company earned $17.3 million, or 11 cents a share, on sales of $313.9 million. Looking ahead, Ceridian backed its 2005 earnings guidance of 68 cents to 75 cents a share and sales guidance of $1.44 billion to $1.48 billion. Analysts are expecting 72 cents a share on sales of $1.45 billion. Shares traded up $1.11 to $18.62.

Shares of

Integrated Electrical Services

( IES) fell 7.7% after the company swung to a first-quarter loss and reported a year-over-year sales decline. The electrical system design company posted a loss of $13.2 million, or 34 cents a share, on sales of $287.5 million. Excluding several items, the company would have posted a loss of $3.4 million, or 9 cents a share. The one-analyst estimate called for breakeven earnings on sales of $273 million. A year ago the company earned $2.5 million, or 6 cents a share, on sales of $290.3 million.

In addition to reporting first-quarter results, the company also said it is in violation of the minimum earnings before interest, taxes, depreciation and amortization covenant that is part of its credit facility. The company is working with its lenders to have the covenant waived or otherwise amended, it said. What's more, Integrated Electrical said that if its senior secured credit facility is accelerated because of the existing default, it could result in cross default under its indentures that are related to its subordinated debt or convertible debt. Shares traded down 17 cents to $2.04.

NYSE

volume leaders included

Lucent Technologies

( LU), up 4 cents to $2.84;

Elan

(ELN)

, up 52 cents to $7.42;

TST Recommends

Nortel Networks

( NT), up 5 cents to $2.52;

Corning

(GLW) - Get Report

, up 63 cents to $15.49;

Calpine

(CPN)

, down 19 cents to $1.99;

Pfizer

(PFE) - Get Report

, up 18 cents to $27.65;

General Electric

(GE) - Get Report

, up 36 cents to $36.19; and

Exxon Mobil

(XOM) - Get Report

, up 35 cents to $57.29.

Nasdaq volume leaders included

Cisco Systems

(CSCO) - Get Report

, up 34 cents to $18.55;

Apple Computer

(AAPL) - Get Report

, down 81 cents to $35.61;

Microsoft

(MSFT) - Get Report

, up 1 cent to $24.91; and

Intel

(INTC) - Get Report

, up 10 cents to $24.77.