Stocks to Watch: A&P Rebounds, Plexus Plunges - TheStreet

The Day's Winners

A&P

(GAP)

was rebounding a day after the company's shares plunged on word it would delay filing its annual report with the

Securities and Exchange Commission

. The supermarket chain was gaining 10% to $23.23 after falling 16% in the prior session.

Cole National

(CNJ)

was gaining 9% to $16.25 after the company reported first-quarter earnings of 18 cents a share, 6 cents ahead of estimates. Cole, which provides optical services through Pearle Vision stores and gifts through the Things Remembered chain, said sales rose to $290.1 million from $270.3 million.

Jo-Ann Stores

(JAS.A)

was climbing 6% to $22.44 a day after Standard & Poor's revised its outlook on the crafts and fabric retailer. S&P said the outlook for the company is now stable, instead of negative.

Spartan Motors

(SPAR) - Get Report

said it expects May to be the company's best month of orders for custom fire truck chassis in more than three years. The maker of custom chassis and emergency-rescue vehicles said it has received orders for about $9 million worth of fire truck chassis this month. Shares of Spartan were up 9% to $13.

The Day's Losers

El Paso

(EP)

was dropping 21% to $27.83 after the company lowered its 2002 and 2003 earnings outlook, saying it plans to limit its investment in and exposure to energy trading and cut its trading staff by 50%.

Farmer Mac

(AGM) - Get Report

, an entity chartered by Congress to establish a secondary market for agricultural real estate and rural housing mortgage loans, was dropping 14% to $25.80. The company last week asked the

New York Stock Exchange to investigate trading in its securities. Farmer Mac has been under pressure for several weeks, and the company has said that short-sellers are prompting negative coverage and driving its share price lower.

Biotech company

CV Therapeutics

(CVTX)

was plunging 21% to $19.20 after Morgan Stanley downgraded the stock to an underweight rating from an overweight rating. The firm also trimmed its revenue estimates for CV's ranolazine drug, a proposed treatment for chronic chest pain.

Raymond James downgraded

Plexus

(PLXS) - Get Report

to underperform from market perform, sending the company's shares down 14% to $22.53. Raymond said it's worried about the company's networking and data communications customer base. The firm also lowered its 2002 and 2003 earnings estimates on Plexus.