Today's Winners and Losers: Westwood One

The radio network operator's earnings and outlook disappoint.
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Shares of

Westwood One

(WON)

were among the

NYSE's

losers Friday, slumping 17% after the radio network operator's earnings and outlook disappointed investors.

The company earned $24 million, or 27 cents a share, on sales of $147 million. Analysts polled by Thomson First Call expected earnings of 28 cents a share on sales of $147.9 million. During the year-earlier period, the company earned $29.6 million, or 31 cents a share, on sales of $151.6 million.

Looking ahead, Westwood One sees first-quarter sales falling by a high-single digit percentage to low-double digits. The company sees a double-digit increase in operating expenses, which will lead to a double-digit decline in operating income before depreciation and amortization. Analysts project first-quarter earnings of 14 cents a share and sales of $140.7 million. Shares were trading down $2.35 to $11.60.

Cabela's

(CAB)

rose 5% after the sporting goods retailer posted better-than-expected fourth-quarter earnings. The company earned $42.5 million, or 64 cents a share, topping analysts' estimate of 59 cents. A year earlier, the company earned $38.5 million, or 58 cents a share. Fourth-quarter sales rose to $675.4 million from $579.1 million. Cabela's said the fourth-quarter results were helped by strength across all of its business segments. "The positive momentum we experienced during the holiday season gives us a heightened degree of confidence as we head into 2006," the company said. Shares were trading up 95 cents to $18.86.

National Oilwell Varco

(NOV) - Get Report

rose 2% after the oil drilling equipment company posted fourth-quarter results that topped forecasts. The company earned $101.6 million, or 58 cents a share, on sales of $1.38 billion. Excluding items, the company earned $110.6 million, or 63 cents a share. Analysts expected earnings of 62 cents a share, before items, and sales of $1.34 billion. During the year-earlier quarter, the company earned $52.6 million, or 61 cents a share, on sales of $669.5 million. Shares were higher by 98 cents to $65.18.

Shares of

Handleman

(HDL)

slid 14% after the prerecorded music distributor posted weaker-than-expected third-quarter results and offered a cautious full-year outlook. The company earned $14 million, or 68 cents a share, for the quarter ended Jan. 31, down from $20.8 million, or 94 cents a share, a year earlier. Sales rose to $485 million from $459.3 million. Analysts expected earnings of 93 cents a share and sales of $508.4 million.

Looking ahead, Handleman said it expects weak business conditions to hurt its near-term performance. "Declining music industry sales and uncertainty about the success of upcoming new music releases, coupled with the recent softness in console video-game industry sales are expected to have a negative impact on the company's near-term operating performance," the company said. "Accordingly, the company expects its operating results for the balance of its fiscal year 2006 to be substantially below the same period of the prior year." Shares were down $1.61 to $9.97.

Shares of

H&R Block

(HRB) - Get Report

fell 8% after the tax-preparation company posted third-quarter earnings that fell below expectations and cut its fiscal-year earnings outlook. The company earned $28.8 million, or 9 cents a share, for the quarter ended Jan. 31. The results included a charge of $31.7 million, or 10 cents a share, related to a litigation settlement. Analysts expected earnings of 26 cents a share. Sales totaled $1.2 billion, matching Wall Street's target. A year earlier, the company earned $92.3 million, or 28 cents a share, on sales of $1 billion. Year-ago results included a one-time gain of $10.1 million, or 3 cents a share.

H&R Block now sees full-year earnings of $1.65 to $1.85 a share, down from an earlier view of $1.90 to $2.15 a share. Analysts project earnings of $1.86 a share. "Given the continued aggressive pricing in the mortgage industry and our slow start to the tax season, we believe that it is prudent to take a cautious view of the fourth quarter," the company said.

In addition to announcing earnings, H&R Block said that it would restate its financial results dating back to fiscal 2004 because of errors associated with the understatement of about $32 million in state income taxes. Shares were recently trading down $2.08 to $23.11.

NYSE volume leaders included

Time Warner

(TWX)

, down 7 cents to $17.20;

Lucent Technologies

(LU)

, up 3 cents to $2.88;

Dana

(DCN)

, down 38 cents to $2.77;

Nortel Networks

(NT)

, up 14 cents to $2.91;

EMC

(EMC)

, up 22 cents to $13.92;

General Electric

(GE) - Get Report

, down 10 cents to $33.16; and

Pfizer

(PFE) - Get Report

, up 8 cents to $26.22.

Nasdaq

volume leaders included

Intel

(INTC) - Get Report

, down 5 cents to $20.24;

Merge Technologies

(MRGE)

, down $4.55 to $19.95;

Cisco Systems

(CSCO) - Get Report

, up 10 cents to $19.82;

Microsoft

(MSFT) - Get Report

, down 11 cents to $26.55;

Marvell Tech

(MRVL) - Get Report

, down 33 cents to $62.50;

Sirius Satellite Radio

(SIRI) - Get Report

, down 7 cents to $5.15;

JDSU

(JDSU)

, up 6 cents to $3.04;

Oracle

(ORCL) - Get Report

, up 6 cents to $12.46;

Applied Materials

(AMAT) - Get Report

, down 4 cents to $19.02;

Apple Computer

(AAPL) - Get Report

, up 70 cents to $72.45; and

Sun Microsystems

(SUNW) - Get Report

, unchanged at $4.27.