were lower Thursday after the video-game retailer's second-quarter results and third-quarter guidance came in below analysts' expectations.
For the second quarter, the company's profit dropped to $3.2 million, or 4 cents a share, from $7.9 million, or 14 cents a share, a year earlier. Analysts expected earnings of 6 cents a share. Sales jumped to $963.3 million from $415.9 million, aided by the company's acquisition of Electronics Boutique. Same-store sales increased 3.9%.
GameStop forecast third-quarter earnings of 20 cents to 22 cents a share, shy of analysts' target of 24 cents. The company sees same-store sales growth of 4% to 6%. For the full year, GameStop anticipates earnings of $1.94 to $2.04 a share, with a 7% to 9% same-store sales increase. Wall Street expects earnings of $2.01 a share. GameStop shares recently were off $1.04, or 2.2%, to $45.96.
moved higher after the kids-clothing retailer reported a narrowed second-quarter loss and a big jump in same-store sales. The company reported a loss of $15.2 million, or 53 cents a share, compared with a year-earlier loss of $18.9 million, or 68 cents a share. Analysts, on average, expected a loss of 54 cents a share. Children's Place posted sales of $395.6 million, up from $318.8 million a year ago and topping Wall Street's prediction of $394.1 million. Same-store sales rose 16%. Shares were up $2.89, or 5%, to $59.95.
shares jumped 6% after a report that the auto-parts maker is putting two plants in Germany up for sale.
, citing a Visteon spokeswoman, said the company believes its factories in Wuelfrath and Dueren no longer fit its strategy. Such a move would halve Visteon's workforce of 2,800 employees, Reuters said. Visteon shares recently advanced 54 cents to $9.34.
American Financial Realty
( AFR) slid 5% after the real estate investment trust announced a series of business overhauls, including a new CEO, asset sales and a dividend cut. The company named Harold Pote, a board member and former vice chairman of retail financial services for
, as its new CEO. He replaces Nicholas Schorsch, who resigned by "mutual agreement" after the company's strategic review.
American Financial, seeking to "reposition" itself, said it will accelerate asset sales, which could result in gros proceeds of $1.5 billion to $2 billion. The company plans to use the proceeds to fund acquisitions and implement a $100 million buyback. The company cut its quarterly dividend to 19 cents from 27 cents, and said it plans to close and release its New York office. As a whole, the moves are expected to result in restructuring charges of $23 million to $27 million. Shares recently were down 62 cents to $10.59.
( GYMB) shares jumped 7% after the kids-goods retailer posted second-quarter results that topped analysts' forecast and raised its guidance. The company swung to a profit of $544,000, or 2 cents a share, from a year-earlier loss of $3.3 million, or 11 cents a share. The results included a charge totaling 7 cents a share related to the retirement of the company's former chairman. Analysts expected earnings of 3 cents a share, before the charge. Sales rose to $155.5 million from $132 million, compared with Wall Street's projection of $155.2 million.
Gymboree forecast earnings of 40 cents to 42 cents a share for the third quarter and 58 cents to 60 cents a share for the fourth. Analysts predict third-quarter earnings of 46 cents a share and fourth-quarter EPS of 62 cents. For the full year, the company boosted its earnings projection to $1.54 to $1.57 a share from an earlier guidance of $1.42 to $1.45. Shares recently were up $2.28 to $32.93.
The NYSE's top volume movers Thursday included
, up $1.33 to $35.77;
Advanced Micro Devices
, up $1.89 to $24.46;
( LU), up 6 cents to $2.28;
, up 12 cents to $8.38;
, up 28 cents to $16.42;
, up 24 cents to $26.99;
, up 23 cents to $67.80;
, down 12 cents to $16.27;
, up 15 cents to $11.12; and
( MOT), up 16 cents to $23.97.
Nasdaq's volume leaders included
, down 1 cent to $18.60;
, down 5 cents to $4.77;
, up 4 cents to $2.54;
, unchanged at $24.70;
Sirius Satellite Radio
, up 12 cents to $3.77;
, down 10 cents to $21;
, up 38 cents to $15.92;
, up $1.65 to $27.47; and
, up 74 cents to $6.85.