Updated from 11:21 a.m.

Shares of Movie Gallery ( MOVI) were among the Nasdaq's losers Wednesday, falling 15.4% after the company warned of weak second-quarter sales.

The video rental company said that recent weakness in the home video release schedule is having a "significant adverse impact" on its results. Previously, the company said that same-store sales would be down just slightly. Movie Gallery also said that an "unimpressive slate of titles" coming from movie theaters would continue to hurt sales over the next few months. Analysts polled by Thomson First Call are expecting second-quarter earnings of 54 cents a share on sales of $522.6 million. Shares traded down $5.05 to $27.84.

CKX ( CKXE) fell 1.6% after the company said it would sell 20 million shares at $11 apiece, a 20% discount to Tuesday's closing price. CKX plans to use about $150 million in proceeds to repay most of its outstanding debt. Some $36 million will be used to satisfy the deferred consideration obligation that is part of its acquisition of 19 Entertainment; the remaining $15 million will be used for working capital purposes. Shares traded down 22 cents to $13.50.

Shares of Littelfuse ( LFUS) fell 0.7% after the company cut its second-quarter guidance. The circuit protection products company now expects earnings of 18 cents to 20 cents a share on sales that will be roughly flat with first-quarter sales of $122 million. Littelfuse previously forecast earnings of 28 cents to 32 cents a share on an 8% sequential jump in sales. Analysts had been expecting earnings of 30 cents a share on sales of $129.6 million. The company blamed its poor outlook on weakness in electronic distributor sales in North America and China. What's more, after a strong April, automotive sales have also weakened in North America and Europe, it said. Shares traded down 20 cents to $29.40.

Lindsay Manufacturing ( LNN) rose 8% after the company reported third-quarter earnings that topped forecasts. The maker of irrigation systems posted earnings of $4 million, or 34 cents a share, on sales of $56 million. Analysts were expecting earnings of 18 cents a share on sales of $50.7 million. A year ago the company earned $4.3 million, or 36 cents a share, on sales of $62.3 million. Looking ahead, Lindsay said that softness in the worldwide agricultural irrigation market continues to affect short-term demand. As a result, the company's performance will be impeded during the fourth quarter. "However, we have taken action to prudently reduce costs and improve capacity utilization while maintaining our strong competitive position," it said. Analysts are looking for earnings of 7 cents a share on sales of $39 million during the fourth quarter. Shares traded up $1.73 to $23.32.

Shares of EGL ( EAGL) rose 3.8% after the company said its second-quarter earnings would be in line with forecasts. The company, which provides global transportation and supply chain management services, expects second-quarter pro forma earnings of 24 cents to 26 cents a share, in line with the 25 cents a share that analysts are expecting. EGL also said that it plans to cut 350 jobs at business units that are not meeting its expectations. The job cuts will affect employees in Europe and the U.S. Shares traded up 76 cents to $20.78.

NYSE volume leaders included Ford ( F), down 49 cents to $10.68; Lucent Technologies ( LU), unchanged at $3.06; General Electric ( GE), down 43 cents to $35.72; Pfizer ( PFE), up 18 cents to $28.79; Motorola ( MOT), up 58 cents to $18.80; Exxon Mobil ( XOM), up 16 cents to $59.67; and Time Warner ( TWX), up 2 cents to $17.52.

Nasdaq volume leaders included Ameritrade ( AMTD), up $3.05 to $17.87; Microsoft ( MSFT), down 8 cents to $25.07; Sun Microsystems ( SUNW), down 2 cents to $3.83; Cisco Systems ( CSCO), up 3 cents to $19.80; Intel ( INTC), down 7 cents to $27.11; Oracle ( ORCL), up 8 cents to $12.63; Sirius Satellite Radio ( SIRI), down 4 cents to $5.92; Eyetech Pharmaceuticals ( EYET), up 45 cents to $13.44; and Siebel Systems ( SEBL), down 5 cents to $8.69.