Updated from 11:36 a.m. Shares of Ipsco ( IPS) were among the NYSE's losers Monday, falling 9% after the company cut its second-quarter earnings outlook. The steel supplier now believes that earnings will be closer to $2.45 a share, down from earlier guidance that called for earnings that would meet or exceed $2.75 a share. The company said the market for steel products has generally come under increased pricing pressure. In particular, the company said that market concerns over flat-roll price decreases have resulted in consumers reducing inventories and delaying purchases. What's more, a previously disclosed unscheduled six-day maintenance shutdown of its Montpelier rolling mill will negatively affect the quarter as well. Finally, unfavorable currency translation is expected to shave 10 cents from the quarter. Analysts polled by Thomson First Call were expecting earnings of $2.84 a share. Shares traded down $4.70 to $47.80. Despite swinging to a first-quarter profit, shares of Steelcase ( SCS - Get Report) fell 3.4% Monday. The company posted earnings of $6.7 million, or 5 cents a share, on sales of $676 million. The company expected earnings, including charges, of break-even to 5 cents a share on sales growth of 10% to 15%, or $657 million to $687 million. Excluding items, the company would have earned $13.5 million, or about 10 cents a share. Analysts were expecting earnings of 8 cents a share on sales of $674.1 million. A year ago the company reported a loss of $5.7 million, or 4 cents a share, on sales of $597.7 million. Looking ahead, Steelcase forecast earnings of 8 cents to 13 cents a share, which includes after-tax restructuring charges of $3 million to $7 million. Sales, meanwhile, are expected to grow by 10% to 15%, which implies sales of $716 million $749 million. Analysts are expecting earnings of 11 cents a share on sales of $723.7 million. Shares traded down 47 cents to $13.35.
Shares of CarMax ( KMX - Get Report) rose 1.7%. The company posted earnings of $39.8 million, or 37 cents a share, on sales of $1.58 billion. Analysts were expecting earnings of 36 cents a share on sales of $1.55 billion. Looking ahead, CarMax forecast second-quarter earnings of 29 cents to 34 cents a share. Analysts are expecting earnings of 34 cents a share. Shares traded up 45 cents to $26.30. Cablevision ( CVC) rose 19.1% after the Dolan family, the company's controlling shareholders, said that it wants to take the company private at $33.50 a share. The deal would include $21 a share in cash and shares in Rainbow Media, which the Dolan family would spin off at $12.50 a share. The $7.9 billion price tag represents a 25% premium to Friday's closing price of $26.87. Shares traded up $5.13 to $32. Shares of Walter Industries ( WLT) rose 6.5% after the company said that it would acquire privately held Mueller Water Products for about $1.91 billion in cash and debt. The deal consists of $860 million in cash and the assumption of about $1.05 billion in Mueller debt. The deal is expected to add about 20 cents to 24 cents a share in earnings during the first full year after closing, Walter said. The transaction is expected to close in the third quarter of 2005. Shares of Walter traded up $2.94 to $48.05. NYSE volume leaders included Lucent Technologies ( LU), up 9 cents to $3.07; Time Warner ( TWX), up 35 cents to $17.13; Calpine ( CPN), up 40 cents to $3.50; Pfizer ( PFE), down 2 cents to $28.76; General Electric ( GE), down 22 cents to $36.28; and Exxon Mobil ( XOM), down 4 cents to $60.85. Nasdaq volume leaders included Microsoft ( MSFT), up 7 cents to $25.11; Sun Microsystems ( SUNW), down 1 cent to $3.86; Intel ( INTC), down 22 cents to $26.90; Oracle ( ORCL), up 7 cents to $12.41; Cisco Systems ( CSCO), up 7 cents to $19.60; Sirius Satellite Radio ( SIRI), down 1 cent to $6.01; eBay ( EBAY), down 81 cents to $37.24; and Millennium Pharmaceuticals ( MLNM), up 34 cents to $9.75.