
Tuesday's Winners & Losers: Maverick Tube
Shares of
Tuesday Morning
(TUES) - Get Tuesday Morning Corp. Report
were among the
Nasdaq's
losers Tuesday, tumbling 11% after the home-furnishings retailer warned that second-quarter results will be lower than Wall Street expected.
The company sees earnings of 7 cents to 10 cents a share, including a penny a share in stock-based compensation costs. The company predicts sales of $210 million to $214 million, with an 8% to 9.5% drop in same-store sales. Analysts polled by Thomson First Call project earnings of 21 cents a share and sales of $229.4 million. A year earlier, Tuesday Morning posted earnings of 25 cents a share and sales of $218.8 million. Shares were trading down $1.74 to $14.61.
Maverick Tube
( MVK) soared 38% after the maker of tubular products agreed to be acquired by
Tenaris
(TS) - Get Tenaris S.A. American Depositary Shares Report
for $2.4 billion, or $65 a share. The all-cash offer represents a 42% premium over Monday's closing price of $45.66. Including the assumption of debt, the deal values Maverick at about $3.19 billion. "With Maverick, we will gain full access to the energy sector in the United States and Canada," Tenaris said in a statement. The combined company will have revenue of about $9 billion, with the U.S. and Canada representing about 30% of revenue. Shares of Maverick were trading up $17.31 to $62.97, while shares of Tenaris rose $2.27, or 7%, to $33.77.
Shares of
Best Buy
(BBY) - Get Best Buy Co. Inc. Report
rose 4% after the consumer-electronics retailer reported better-than-expected fiscal first-quarter results. For the period ended May 27, the company earned $234 million, or 47 cents a share, on revenue of $6.96 billion. Analysts expected earnings of 36 cents a share on revenue of $6.84 billion. A year earlier, the company earned $170 million, or 34 cents a share, on revenue of $6.12 billion.
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Best Buy continues to forecast full-year earnings of $2.65 to $2.80 a share. Analysts project earnings of $2.72 a share. "We are off to a terrific start -- laying the foundation for strong earnings growth for this year and beyond," the company said. Shares were trading up $2.19 to $51.22. Shares of rival
Circuit City
(CC) - Get Chemours Company (The) Report
rose 91 cents, or 3.4%, to $28.34.
Zale
(ZLC)
fell 1% Tuesday, a day after the jewelry retailer said it terminated merger discussions with
Signet Group
. On Monday, shares of Zale surged in early action after the company said it had conducted preliminary discussions with Signet. Late Monday, however, Zale issued a press release saying "it concluded that its shareholders are best served by continuing as an independent company." Shares of Zale recently were down 20 cents to $24.50.
Shares of
Horizon Lines
( HRZ) rose 4% after the container-shipping and integrated-logistics company priced a secondary stock offering at $14 a share. Existing shareholders agreed to sell nearly 5.8 million shares in the offering and granted underwriters an option to buy an additional 862,500 shares to cover over-allotments. The underwriting syndicate was led by Deutsche Bank, JPMorgan Securities and Goldman Sachs. Horizon Lines shares were up 56 cents to $14.73.
NYSE
volume leaders included
Lucent Technologies
( LU), down 8 cents to $2.33;
Jabil Circuit
, down $8.76 to $23.66;
General Electric
(GE) - Get General Electric Company Report
, up 11 cents to $33.98;
Pfizer
(PFE) - Get Pfizer Inc. Report
, down 5 cents to $23.24;
Advanced Micro Devices
(AMD) - Get Advanced Micro Devices Inc. Report
, down 46 cents to $25.22;
Titanium Metals
(TIE)
, down $2.64 to $28.61; and
Exxon Mobil
(XOM) - Get Exxon Mobil Corporation Report
, down 71 cents to $57.53.
Nasdaq volume leaders included
JDSU
(JDSU)
, down 13 cents to $2.31;
Intel
(INTC) - Get Intel Corporation Report
, up 7 cents to $16.93;
Microsoft
(MSFT) - Get Microsoft Corporation Report
, up 13 cents to $21.84;
Symantec
(SYMC) - Get Symantec Corporation Report
, down 8 cents to $15.55;
Level 3 Communications
(LVLT)
, up 2 cents to $4.12;
Cisco Systems
(CSCO) - Get Cisco Systems Inc. Report
, down 7 cents to $19.41;
Qualcomm
(QCOM) - Get QUALCOMM Incorporated Report
, up 54 cents to $41.73;
Sirius Satellite Radio
(SIRI) - Get Sirius XM Holdings Inc. Report
, down 6 cents to $4.05; and
Apple Computer
(AAPL) - Get Apple Inc. Report
, up 57 cents to $57.57.