Updated from 12:07 p.m. EDTShares of Fair Isaac ( FIC) were among the NYSE's laggards Tuesday after the company warned that third- and fourth-quarter results would fall short of expectations. It now expects third-quarter earnings of 38 cents to 40 cents a share vs. its previous estimate of 40 cents to 43 cents a share. Sales are now expected to be between $173 million and $175 million, down from its earlier forecast of $185 million to $189 million. For the fourth quarter it now expects to report earnings of 25 cents to 27 cents a share vs. its previous expectations of 40 cents to 43 cents a share. Sales for the fourth quarter, meanwhile, are now expected to be between $189 million and $195 million vs. previous expectations of between $205 million and $211 million. Fair Isaac said lower one-time software license fees caused the reduced expectations. Its shares traded down $7.36, or 23.5%, to $24. Oakley ( OO) fell after it warned that a second-quarter earnings and sales shortfall would cause the company to report full-year earnings and sales at the low end of its previous guidance. Production weakness and launch delays will knock down second-quarter sales to $152 million. Analysts polled by Thomson First Call had expected it to report sales of $164.4 million. As a result of the second-quarter weakness, the company now expects to report earnings of 60 cents to 65 cents vs. previous guidance of 65 cents a share for the year ended Dec. 31. Sales are now expected to be between $575 million and $585 million vs. previous guidance of $585 million. Analysts had expected Oakley to report full-year earnings of 67 cents a share on sales of $585.8 million. Shares of Oakley traded down 94 cents, or 7.5%, to $11.60. Shares of Magna Entertainment ( MECA) rose after MI Developments ( MIM) said it would offer to acquire all of the outstanding shares of Magna Entertainment that it does not already own. MI Development would pay Magna shareholders $1.05 in cash and 0.2258 shares of MI Class A shares. Total consideration represents an offer price of $7 a share.