Updated from 2:22 p.m. EDT
were among the NYSE's losers Wednesday, plunging 16% after the contractor cut its full-year targets.
The company, which is involved in the installation and maintenance of communications and utility infrastructure systems, projected full-year earnings from continuing operations of 78 cents to 82 cents a share, below its prior forecast of 84 cents to 90 cents. MasTec said it has had difficulty keeping up with customer demand.
For the third quarter, MasTec anticipates earnings from continuing operations of 18 cents to 20 cents a share and revenue of $265 million. Analysts had an average estimate for earnings of 28 cents a share and revenue of $276 million. Shares of MasTec were down $2.40 to $12.56.
sank 12.9% after the meat producer lowered its full-year earnings projection. Tyson said it now expects earnings of 72 cents to 80 cents a share for the fiscal year ending this month. The company's most recent guidance had called for earnings of 82 cents to 92 cents a share.
Analysts, on average, project fiscal 2007 earnings of 88 cents a share, according to Thomson Financial. Tyson blamed the weaker outlook on a more-challenging-than-expected fourth quarter, hurt in part by higher live cattle and hog prices. Shares closed down $2.84 to $19.17.
Elswehere in the food space,
( KFT) was higher after lifting its full-year forecast. The packaged-food maker forecast 2007 earnings of $1.80 to $1.82 a share, excluding items. Previously, Kraft projected a profit of $1.75 to $1.80 a share. Wall Street anticipates earnings per share of $1.80.
Kraft said the new guidance reflects its share repurchase plan, a lower-than-expected tax rate and confidence in its growth plans. Shares added 45 cents, or 1.4%, to close at $32.60.
Also on the upside was
, which said it plans to cut production and generate cash by selling some assets. Chesapeake also said it plans to form a private master limited partnership for its midstream gas assets, a move the company expects will unlock balance sheet value and fund capital expenditures. Shares closed up $1.07, or 3.3%, to $33.89.
dropped 1.5% earlier in the day but later rose 0.5% after the toymaker issued its third major recall in recent weeks. The recall relates to about 844,000 toys associated with the Barbie and Fisher Price brand. The items were made in China and are believed to contain excessive levels of toxic lead paint. Shares of Mattel closed up a penny to $21.98.