Updated from 11:57 a.m. EDTShares of Maytag ( MYG) were among the NYSE's losers Friday, falling 27.9% after the appliance maker posted dismal first-quarter results and slashed its 2005 earnings outlook. The company earned $7.7 million, or 10 cents a share, on sales of $1.17 billion. Results included a 4-cent restructuring charge. Analysts polled by Thomson First Call were expecting first-quarter earnings of 20 cents a share on sales of $1.18 billion. A year ago, the company posted earnings of $38.7 million, or 49 cents a share, on sales of $1.22 billion. Maytag said that savings from restructuring initiatives that took place in 2004 only partially offset rising costs during the quarter. In particular, higher costs for steel and energy-related items, along with higher distribution costs, hurt first-quarter results. Looking ahead, Maytag now expects 2005 earnings of 45 cents to 55 cents a share, which includes restructuring charges of about 10 cents a share. That's down significantly from previous guidance of $1.10 to $1.30 a share, which included restructuring charges of about 5 cents a share. Maytag blamed the reduced guidance on higher fuel- and energy-related raw-material costs and lower-than-expected savings from the company's cost-reduction initiatives. Analysts had been expecting 2005 earnings of $1.10 a share on sales of $4.77 billion. Shares traded down $4.21 to $10.89. Costco ( COST - Get Report) fell 8.8% after the wholesale-club operator warned that third- and fourth-quarter earnings would fall below expectations. The company expects third-quarter earnings of 41 cents to 43 cents a share, below analysts' expectations of 46 cents. For the fourth quarter, Costco expects earnings of 63 cents to 67 cents a share, below expectations of 70 cents. The company said that margins, principally related to gasoline sales, were lower than expected during the third quarter. Costco expects to issue third-quarter results on May 26. Shares traded down $3.85 to $40.17.
Shares of Lear ( LEA - Get Report) fell 8.7% after the maker of car interiors posted first-quarter earnings that fell below expectations and warned that second-quarter earnings would fall significantly below expectations. Excluding items, the company posted a loss of 3 cents a share on sales of $4.29 billion. Analysts were expecting a profit of 3 cents a share on sales of $4.29 billion. A year ago the company earned $91.4 million, or $1.24 a share, on sales of $4.49 billion. Lear blamed its latest results on an unfavorable vehicle platform mix and lower industry production in its major markets. Looking ahead, Lear forecast second-quarter earnings of 20 cents to 40 cents a share on sales of $4.5 billion. Analysts had been expecting earnings of 94 cents a share on sales of $4.36 billion. Shares traded down $3.51 to $36.77. DeVry ( DV) rose 17.4% after the education company posted third-quarter earnings that topped expectations. The company earned $11.9 million, or 17 cents a share, on sales of $201.9 million. Results included a $2.9 million pretax charge related to workforce reductions. Analysts were expecting earnings of 13 cents a share on sales of $196.3 million. A year ago, the company earned $16.3 million, or 23 cents a share, on sales of $196.8 million. Shares traded up $3.44 to $23.20. Shares of Tempur-Pedic International ( TPX - Get Report) rose 2.2% after the mattress maker posted a first-quarter profit that beat expectations and raised its 2005 earnings and sales outlook for the second time in as many months. The company earned $26.8 million, or 26 cents a share, on sales of $222.4 million. Analysts were expecting first-quarter earnings of 24 cents a share on sales of $198.9 million. Looking ahead, Tempur-Pedic now expects 2005 pro forma earnings of $1.10 to $1.13 a share on sales of $880 million to $890 million. Previously, the company expected earnings of $1.10 a share on sales of $880 million. Analysts are expecting earnings of $1.10 to $879.1 million. Shares traded up 42 cents to $19.90.
NYSE volume leaders included Calpine ( CPN), down 27 cents to $2.19; Lucent Technologies ( LU), down 5 cents to $2.52; Qwest Communications ( Q), down 6 cents to $3.55; MBNA ( KRB), down 83 cents to $18.45; Wal-Mart ( WMT), down 97 cents to $46.81; General Electric ( GE), down 2 cents to $36.10; and Pfizer ( PFE), down 3 cents to $27.22. Nasdaq volume leaders included Microsoft ( MSFT), down 30 cents to $24.98; Intel ( INTC), down 12 cents to $23.24; Oracle ( ORCL), down 25 cents to $11.92; Cisco ( CSCO), down 25 cents to $17.43; Sirius Satellite Radio ( SIRI), down 4 cents to $5.10; Google ( GOOG), up $11.59 to $215.81; Yahoo! ( YHOO), down $1 to $34.87; eBay ( EBAY), down $1.57 to $31.51; and Apple Computer ( AAPL), down $1.68 to $35.50.