Stocks mostly headed south after the bell Thursday as poor earnings soured the air and
American Home Mortgage
( AHM) shares reeled in the wake of damaging news.
reported shortly before the close today that the beleaguered mortgage lender will
shut down tomorrow, per an email from CEO Michael Strauss to AHM employees. Furious trading wrenched the stock in and out of the red, with shares lately plunging 50.3% to 72 cents.
shares pulled down 18.8%, also in heavy trading, after the Sunnyvale, Calif., data-storage-system maker said it will probably make between 19 cents and 20 cents a share (on a non-GAAP basis) in the fiscal first quarter --
at least a nickel under the Street's consensus, according to Thomson Financial. Shares were off $5.41 to $23.30.
Elsewhere in the tech sector, network-equipment maker
( BBND) tumbled 19.5% after predicting third-quarter non-GAAP income of 3 cents to 7 cents a share -- at least 2 cents under the mean target -- while
( ONT) slid on disappointing second-quarter financials. The video-compression-technology firm widened its loss by a penny from last year to 3 cents a share. Shares gave up 15.9% to $1.53.
Take-Two Interactive Software
plummeted 17.2% on word it will delay releasing its critical Grand Theft Auto IV game till fiscal 2008 from the originally planned fiscal fourth quarter -- an action that will severely impact its fiscal 2007 bottom line. The New York-based outfit now expects to lose between $2.10 and $2.20 a share (on a GAAP basis) on $950 million to $1 billion in revenue, vs. the prior expectation of breaking even on $1.2 billion to $1.25 billion in sales. Shares sank $2.91 to $14.
Also hurting postclose was natural-soda maker
, based in Seattle. Shares surrendered 21.6% to $12 after second-quarter income shrank to a break-even figure from last year's dime-a-share earnings.
On the flip side,
Allied Waste Industries
( AW) beat second-quarter Wall Street expectations by a penny with income of 19 cents a share (excluding items). California's
( SUPG) posted soaring earnings of $11.1 million, or 19 cents a share, compared with 8 cents a share last year.
Allied, based in Phoenix, added 3.2% to $12.95; SuperGen traded up 1.2% to $4.95.