Updated from 1:01 p.m. EDTFoundry Networks ( FDRY) foundered its way to the Nasdaq high-volume list Friday after the company's first-quarter earnings disappointed Wall Street. The San Jose, Calif.-based network gear-maker delivered first-quarter earnings of 14 cents a share on revenue of $104 million. Analysts polled by Thomson First Call were looking for a first-quarter profit of 17 cents a share on revenue of $113 million. Foundry also said it would earn 14 cents a share on revenue of $105 million to $110 million in the second quarter. Analysts expected the company to deliver 17 cents a share on revenue of $117 million. Shares of Foundry fell $2.85, or 20.1%, to $11.30, on volume of more than 35 million shares. Sirius Satellite ( SIRI) rose on heavy volume after the company said that its retail market share rose to 44% in March. According to data compiled by the NPD Group, 32,000 Sirius radios were sold to retail outlets during March, Sirius said in a press release. The sales represented a 110% increase vs. the year-ago period and a 38% improvement on a sequential basis from February 2004. Shares of Sirius traded up 16 cents, or 5.1%, to $3.30, on volume of about 38 million shares. Conseco ( CNO) got thumped on heavy volume Friday after the insurer lowered earnings expectations for 2004. The Carmel, Ind.-based company said that it expects net income of $175 million to $200 million for the year ended Sept. 30, 2004. For the first quarter it expects to earn 46 cents to 50 cents a share. The insurer said that "first-quarter results were affected by lower interest rates, which caused a compression in the spread earned during the quarter, and by higher mortality." Shares of Conseco traded down $1.30, or 6.2%, to $19.80, on volume of 14.5 million shares.
Nasdaq most-actives also included Cisco ( CSCO), Intel ( INTC), Microsoft ( MSFT) and Oracle ( ORCL). NYSE high-volume leaders included Nortel ( NT), Lucent ( LU), EMC ( EMC) and General Electric ( GE). Looking at Nasdaq price movers, Sonosite ( SONO) rose after the company announced better-than-expected first-quarter results and upped earnings guidance. The maker of handheld ultrasound machines reported a loss of 10 cents a share, in line with estimates, on revenue of $23.5 million, $2.4 million more than expected. It also said that it expects revenue growth of 30% during 2004, which is higher than the company forecast in a press release in February. Shares of Sonosite traded up $2.13, or 10.9%, to $21.74. Shares of InterDigital ( IDCC) rose after the company pre-announced first-quarter earnings. The designer of wireless products said that it expects to earn 6 cents to 8 cents a share on revenue of about $31 million to $32 million when it releases its first-quarter results on May 10. Analysts were looking for InterDigital to lose 3 cents a share on revenue of $23.4 million. Shares of InterDigital traded up $1.63, or 10.4%, to $17.38. IMPCO Technologies ( IMCO) rose after its shares were upgraded by First Albany. Shares of IMPCO were raised from buy to strong buy. First Albany said that IMPCO's shares are trading at a compelling valuation and that the maker of advanced alternative fuel systems was poised to head higher. Shares of IMPCO finished up 89 cents, or 18.5%, to $5.70. Shares of Genta ( GNTA) got hammered after the company issued a press release saying that the FDA had concerns about its cancer drug. The FDA said that "any claims of improved efficacy based on secondary endpoints, progression-free survival and antitumor response rate are questionable because of the open-label nature of study, missing data and differences in assessment interval between the two treatment groups." The comments were released in a briefing document ahead of the FDA's committee meeting on Monday. Shares of Genta traded down $5.83, or 40.4%, to $8.60, on volume of more than 30 million shares.
Shares of Global Crossing ( GLBC) fell for a third straight day after the beleaguered telecom company said that its former auditor, Grant Thornton, withdrew its audit reports for the past three quarters. On April 28, Grant Thornton advised Global Crossing that it "cannot continue to be associated with the company's consolidated financial results." Shares of Global Crossing traded down $2.85, or 28.5%, to $7.15. On the Big Board, shares of Stillwater Mining ( SWC) rose after the company announced first-quarter profit after the bell on Thursday. The company earned 17 cents a share vs. a loss of 4 cents a share a year ago. Revenue climbed 57%, to $100.7 million. Analysts were looking for Stillwater to earn 15 cents per share on revenue of $75.8 million. Stillwater also said that lower production from its mine operations didn't allow the company to meet its average production covenants under its credit facility. As a result, the company sought -- and received -- a waiver for the first and second quarter. It believes it will be in compliance with its production covenant by the end of the third quarter. Shares of Stillwater traded up $1.69, or 14.4%, to $13.43. Ralcorp Holdings ( RAH) climbed after the company announced strong second-quarter results on Thursday. The company earned 54 cents a share on revenue of $383.4 million. Analysts were looking for 42 cents a share on revenue of $346.8 million. Shares of Ralcorp traded up $2.30, or 7.1%, to $34.81. Ethyl ( EY) rose Friday after the company announced strong first-quarter results. The company earned 35 cents a share vs. a net loss of 1 cent a year ago. Shares of Ethyl finished the day up $1.27, or 7.3%, to $18.62. Ingram Micro ( IM) struggled Friday after the company announced first-quarter earnings that met analysts' expectation but said second-quarter earnings would fall short. The company earned 24 cents on revenue of $6.28 billion. Analysts were looking for 24 cents on revenue of $6.27 billion. Second-quarter guidance, meanwhile, disappointed investors and analysts after the company said it would earn 13 cents to 16 cents a share on revenue of $5.6 billion to $5.8 billion. Analysts were looking for the company to earn 22 cents a share on revenue of $6.11 billion. Shares of Ingram traded down $4.13, or 25.7%, to $11.95. Granite Construction ( GVA) got hammered after the company pre-announced first-quarter results would not meet analysts' expectations. Granite said it expects to report a loss of 21 cents to 24 cents a share in the first quarter. It said that "higher than anticipated estimated costs" contributed to the shortfall. Analysts were looking for Granite to lose 2 cents a share when it delivers financial results May 5. Shares of Granite fell $1.82, or 8.4%, to $19.85.