Updated from 12:16 p.m. Shares of Snap-On ( SNA) fell 12.2% Tuesday after the company warned that third-quarter and full-year earnings would fall below analysts' expectations. The toolmaker now expects third-quarter earnings of 37 cents to 40 cents. Analysts polled by Thomson First Call had expected earnings of 44 cents a share. Looking ahead, the company forecast full-year earnings of $1.35 to $1.45 a share. Analysts had expected earnings of $1.76. Snap-On said that slower-than-expected cost savings from plant consolidations and weaker-than-expected Western European economies led to the revised outlook. Shares traded down $3.85 to $27.83. Rocky Mountain Chocolate Factory ( RMCF) rose 13.9% after the company posted strong second-quarter earnings and raised 2005 earnings guidance. The chocolate company earned 22 cents a share in the second quarter vs. 16 cents a share a year earlier. Sales, meanwhile, rose 7.3% to $5.9 million. Looking ahead, the company raised its full-year earnings growth rate to 25% to 30%. The company's earnings gains during the first half of the year and new store openings scheduled for the second half of the year led to the improved outlook. Shares traded up $1.61 to $13.18. Shares of Georgia Gulf ( GGC) rose 9.5% after the company said that full-year sales would be slightly better than Wall Street forecasts. The chemical maker expects sales of $2 billion during 2004. Analysts had been expecting sales of $1.99 billion. Last week, the company raised its third-quarter earnings estimate above expectations, saying that it expects earnings of 85 cents to 90 cents a share. Analysts had been expecting earnings of 84 cents a share. Shares traded up $3.86 to $44.45. Despite warning that 2004 production would be lower than expected, Penn Virginia ( PVA) rose Tuesday. The oil and gas company now expects full-year production of between 24.5 billion cubic feet equivalent and 25.2 Bcfe, which is below previous guidance of 25.5 to 26.7 Bcfe. Delays in drilling and two unsuccessful exploratory wells in south Texas led to the lower-than-expected outlook. Shares traded up $1.10 to $39.37. Shares of World Airways ( WLDA) rose 11.1% after the company applied for rights to operate round-trip cargo service to Shanghai and Guangzhou, China, in 2006. If the Department of Transportation approves the plan, World would operate six round-trip flights a week that would serve San Jose, Calif., and Houston. World would offer four flights a week between San Jose and Shanghai and two flights from San Jose to Guangzhou. All six flights would originate at Houston's Bush Intercontinental airport. Shares traded up 67 cents to $6.70.
NYSE volume leaders included Calpine ( CPN), down 13 cents to $3.01; Lucent ( LU), up 4 cents to $3.15; Pfizer ( PFE), up 46 cents to $30.08; Nortel Networks ( NT), up 3 cents to $3.29; EMC ( EMC), up 21 cents to $11.06; and Texas Instruments ( TXN), down 36 cents to $20.78. Nasdaq volume leaders included Intel ( INTC), down 24 cents to $19.68; Cisco ( CSCO), up 3 cents to $18.07; Microsoft ( MSFT), up 8 cents to $27.27; Oracle ( ORCL), up 17 cents to $11.36; and Sirius Satellite Radio ( SIRI), down 8 cents to $2.65.