Today's Winners and Losers: Spectrum Brands

The consumer products company slashes its fiscal second-quarter estimates.

Author:: Mark Martinez
Publish date:: Apr 6, 2006 12:03 PM EDT

Shares of

Spectrum Brands

( SPC) were among the

NYSE's

losers Thursday, tumbling 25% after the consumer products company slashed its second-quarter earnings projection amid weakness in its battery business.

The company, formerly known as Rayovac, now expects earnings of 3 cents to 6 cents a share for the March quarter. Excluding one-time items, the company projects earnings of breakeven to 5 cents a share. Previously, Spectrum Brands predicted earnings of 35 cents to 40 cents a share. Analysts surveyed by Thomson First Call project earnings of 37 cents a share and revenue of $650.2 million.

"The shortfall is largely attributable to ongoing challenges in the company's consumer battery business, where sales in North American and Europe continue to lag expectations," the company said. Spectrum Brands said that it was also hurt by accelerated inventory adjustments by some of its largest retail customers, which cut sales in its battery and lawn and garden business by $25 million to $30 million. Shares were trading down $5.47 to $16.03.

(MMM) - Get Report

rose 4% after the consumer and industrial conglomerate lifted its first-quarter earnings and revenue estimates. The company put its earnings at $1.15 to $1.16 a share, up from its earlier guidance of $1.10 to $1.14 a share. Analysts project earnings of $1.12 a share. The maker of Scotch tape and Post-it notes predicts revenue growth of more than 10%, which includes results from its acquisition of CUNO. Without the effect of the acquisition, 3M expects to report 8% revenue growth, up from an earlier view of 4% to 7%. Wall Street projects revenue of $5.53 billion, or sales growth of about 7%. 3M shares were up $3.11 to $80.57.

Shares of

Chattem

( CHTT) rose 3% after the consumer products company posted better-than-expected first-quarter results. The company earned $14.8 million, or 75 cents a share. Excluding items, Chattem earned $11.5 million, or 59 cents a share, 2 cents above analysts' mean estimate. The company, whose products include Selsun Blue shampoo and Gold Bond pain treatment, reported sales of $84 million. Analysts expected sales of $83.7 million. During the year-ago quarter, the company earned $8.7 million, or 42 cents a share, on sales of $71.5 million. Excluding items, the company earned $10.5 million, or 51 cents a share, in last year's first quarter.

For all of 2006, Chattem projects earnings of $2.30 to $2.40 a share, before items. Analysts expect earnings of $2.20 a share. The company targets sales of $315 million to $330 million, bracketing analysts' average prediction of $323.7 million. Shares were trading up 99 cents to $37.33.

Regis

(RGS) - Get Report

shares sank after its merger agreement

Alberto-Culver

(ACV) - Get Report

broke down. Alberto-Culver said its board could no longer recommend the deal because of Regis' recent profit warnings, the company's uncertain 2007 outlook and operating differences. Regis agreed to terminate the pact, which called for Alberto-Culver to spin off its Sally Beauty unit and merge it with Regis. Regis shares were down $1.59, or 5%, to $32.41, while Alberto-Culver shares rose $1.46, or 3%, to $45.57.

Shares of

Tuesday Morning

(TUES) - Get Report

fell slightly after the home-furnishings retailer previewed first-quarter results that fell below expectations. The company expects to report first-quarter earnings of 16 cents a share, including a penny a share in stock-based compensation costs. During the year-earlier quarter, the company earned 22 cents a share. Tuesday Morning posted first-quarter sales of $187.8 million, up 1% from the year-earlier period. Same-store sales, meanwhile, fell 4.5%. Analysts project earnings of 19 cents a share and sales of $198.6 million. Tuesday Morning plans to release its full first-quarter results on April 25. Shares were trading down 14 cents to $22.08.

Cash America

(CSH)

rose 5% after the company lifted its first-quarter earnings projection. The company, a provider of secured nonrecourse loans, now sees earnings of 49 cents to 50 cents a share. Cash America's previous forecast called for earnings of 43 cents to 45 cents a share, while analysts expected earnings of 43 cents a share. Last year the company reported first-quarter earnings of 39 cents a share. "During the first quarter of 2006, the company experienced higher levels of retail sales and stronger gross profit margins, partly attributable to higher prevailing market prices of gold," the company said. The company also said it had lower loan-loss rates in its cash advance portfolio. Cash America plans to release its results on April 27. Shares were trading up $1.55 to $30.75.

NYSE volume leaders included

Lucent Technologies

( LU), up 2 cents to $3.19;

Nortel Networks

( NT), up 6 cents to $2.99;

Boston Scientific

(BSX) - Get Report

, up 62 cents to $22.31;

Merck

(MRK) - Get Report

, down $1.61 to $34.38;

Motorola