Updated from 11:55 a.m. EDT

Shares of Arctic Cat ( ACAT) were among the Nasdaq's losers Thursday, falling 11.5% after the maker of snowmobiles posted fourth-quarter results that fell below expectations and warned that first-quarter earnings would fall short of forecasts.

The company earned $2.7 million, or 13 cents a share, on sales of $157 million. Analysts polled by Thomson First Call were expecting earnings of 26 cents a share on sales of $162.6 million. A year ago the company reported a loss of $1 million, or 5 cents a share, on sales of $140.2 million. Fourth-quarter results were hurt by escalating raw-material surcharges and by a mild winter across much of the U.S. Looking ahead, Arctic Cat said that high raw-material costs, lower snowmobile sales and an unfavorable exchange rate between the yen and dollar would hurt fiscal 2006 results. The company expects first-quarter earnings to be between a loss of 5 cents a share and break-even. Sales are expected to range from $100 million to $105 million. Analysts are expecting earnings of 2 cents a share on sales of $107.4 million. Shares traded down $2.79 to $21.54.

Matrix Service ( MTRX - Get Report) rose 10.3% after the industrial services company announced an agreement with Bechtel for the engineering and construction of three 160,000-cubic meter, single-containment liquefied natural gas tanks. Under the deal, which has a total value of about $126 million and involves Mitsubishi Heavy Industries, Matrix will receive about $97 million. Tank construction is expected to begin in July. Shares traded up 41 cents to $4.40.

Shares of Helen of Troy ( HELE - Get Report) fell 10% after the household consumer products company posted fourth-quarter earnings that fell a penny shy of estimates and warned that fiscal 2006 earnings would fall short of expectations. The company earned $12 million, or 37 cents a share, on sales of $127.6 million. Analysts were expecting earnings of 38 cents a share. A year ago the company earned $7.5 million, or 23 cents a share, on sales of $112.9 million. Looking ahead, Helen of Troy forecast fiscal 2006 earnings of $2.50 to $2.60 a share on sales of $615 million to $640 million. Analysts are expecting earnings of $2.85 a share. Shares traded down $2.62 to $23.61.

Cosi ( COSI) fell 16.2% after the restaurant company posted a first-quarter loss that was wider than expected. The company reported a loss of $2.8 million, or 9 cents a share, on sales of $27.2 million. Analysts were expecting a loss of 8 cents a share on sales of $28.4 million. A year ago the company posted a loss of $6.4 million, or 24 cents a share, on sales of $24.9 million.

Separately, Cosi said that it plans to sell about 5.1 million shares in a public offering. The sale is expected to result in net proceeds of about $28 million, which the company will use for development of new company-owned restaurants and for general corporate purposes. Shares traded down 96 cents to $4.95.

Shares of Trans World Entertainment ( TWMC - Get Report) fell 21.2% after the company swung to a first-quarter loss and posted a year-over-year decline in sales. The music-store chain operator posted a loss of $1 million, or 3 cents a share, on sales of $285.4 million. Analysts were expecting a profit of 7 cents a share. A year ago the company earned $2.5 million, or 7 cents a share, on sales of $304.5 million. Year-ago results included a one-time gain of a penny, which was related to an acquisition. The latest results were hurt by sluggish performance of new music and DVD releases after the Easter holiday, the company said. Looking ahead, Trans World backed its 2005 earnings estimate of 85 cents to 90 cents a share. Shares traded down $2.87 to $10.69.

NYSE volume leaders included Lucent Technologies down 3 cents to $2.81; Wal-Mart ( WMT - Get Report), down 95 cents to $47.65; Elan ( ELN), up 37 cents to $7.79; Exxon Mobil ( XOM), down $2.47 to $54.82; Ford ( F), down 29 cents to $9.35; Corning ( GLW - Get Report), down 30 cents to $15.19; EMC ( EMC), up 40 cents to $13.42; and General Electric ( GE), down 32 cents to $35.87.

Nasdaq volume leaders included Intel ( INTC), up 7 cents to $24.84; Microsoft ( MSFT), up 9 cents to $25; Cisco Systems ( CSCO), up 15 cents to $18.70; Oracle ( ORCL), up 19 cents to $11.89; and Apple Computer ( AAPL), down $1.48 to $34.13.