Updated from 11:37 a.m. Shares of Bluegreen ( BXG - Get Report) were among the NYSE's most black and blue Friday, falling 36.6% after the company posted fourth-quarter earnings and sales that missed expectations by a wide margin. Excluding items, the residential and resort operator posted earnings of $7.6 million, or 23 cents a share, on sales of $126 million. Analysts polled by Thomson First Call were expecting earnings of 32 cents a share on sales of $141.1 million. A year ago, the company earned $7.3 million, or 26 cents a share, on sales of $101.6 million. Higher costs at both of its operating segments hurt earnings during the fourth quarter, with resort cost of sales rising to 24.7%, up from 19.7% a year ago, and cost of sales at the company's communities segment rising to 57.3%, up from a year-ago level of 52.4%. Bluegreen said it expects cost of sales at its communities segment to be about 54% during 2005. Resort cost of sales is expected to be between 23% and 25% during 2005. Shares traded down $8.70 to $15.10. Delphi fell 14.3% after the auto parts maker announced the resignation of chief financial officer Alan Dawes. In a statement, Delphi said that Dawes agreed to resign after the audit committee expressed a loss of confidence in him. John Sheehan, the company's chief accounting officer and controller, will serve as acting CFO until a permanent replacement is found. Separately, Delphi announced that it would restate financial results related to rebate transactions that occurred between 1999 and 2004. Delphi said that improper accounting resulted in a $200 million overstatement to cash flow during 2000 and a $61 million overstatement of pretax income during 2001. The company, which launched an internal investigation into its accounting during 2004, said that it is unable to determine exactly when its investigation will conclude, but believes that it will be able to issue restated financials on or before June 30, 2005. Shares traded down 91 cents to $5.46.
Shares of Ceradyne rose 3.3% after the defense contractor posted fourth-quarter earnings and sales that beat expectations. Excluding items, the company earned $10.2 million, or 41 cents a share, on sales of $83.4 million. Analysts were expecting earnings of 37 cents a share on sales of $82 million. A year ago, the company earned $4.2 million, or 17 cents a share, on sales of $33.1 million. Shares traded up 92 cents to $29.26 on volume of 6.1 million shares, or about six times its average daily volume. Hilton Hotels ( HLT - Get Report) rose 5.4% after the company said its board authorized the company to buy up to 50 million shares as part of a stock repurchase plan. Hilton said that it plans to buy stock from time to time on an "opportunistic basis." During the fourth quarter, Hilton bought 2.3 million shares at a cost of $48 million, or an average price of $20.82 a share. In 2005, the company has bought an additional 5.5 million shares for $120 million, or an average price of $21.80 a share. The shares were bought as part of a previously authorized share repurchase plan. Shares traded up $1.18 to $23.03. Shares of Spinnaker Exploration rose 4.6% after the company posted mixed fourth-quarter results. The energy company posted earnings of $13.5 million, or 39 cents a share, on sales of $70.1 million. Analysts were expecting earnings of 41 cents a share on sales of $67 million. A year ago, the company earned $6.5 million, or 19 cents a share, on sales of $49.1 million. Shares traded up $1.71 to $38.95. NYSE volume leaders included Elan ( ELN), down 94 cents to $5.71; Lucent , down 3 cents to $3.05; Allied Waste , up 8 cents to $7.98; Motorola ( MOT), down 9 cents to $15.11; Micron Technology ( MU), down 43 cents to $10.76; ExxonMobil ( XOM), up 52 cents to $63.57; General Electric ( GE), up 57 cents to $36.12; and Pfizer ( PFE), up 26 cents to $26.85. Nasdaq volume leaders included Intel ( INTC), up 18 cents to $24.68; Microsoft ( MSFT), unchanged at $25.17; Sun Microsystems ( SUNW), up 15 cents to $4.36; Oracle ( ORCL), up 19 cents to $13.28; Cisco ( CSCO), up 24 cents to $18.04; Sirius Satellite Radio ( SIRI), down 9 cents to $5.66; and Sonus Networks ( SONS), down $1.01 to $4.50.