Shares of Dana ( DCN) were among NYSE's losers Monday, falling 26% after the auto parts maker withdrew its 2005 earnings forecast, delayed its third-quarter earnings release and said it would restate its earnings. The company, which said the earnings restatement would cover the last six quarters, blamed the restatement primarily on issues involving customer pricing and transactions with suppliers in the company's commercial vehicle business. Dana said that in connection with the restatements, it believes there are material weaknesses in its internal control over financial reporting. As a result of the restatements, Dana said that it would not be able to release its third-quarter earnings on Oct. 19. A new date has not yet been set. Analysts polled by Thomson First Call are expecting third-quarter earnings of 4 cents a share on sales of $2.21 billion. For 2005, analysts had been expecting earnings of 65 cents a share. Shares were recently trading down $2.43 to $6.76. Flir Systems ( FLIR) fell 12% after the thermal imaging company warned that third-quarter results would fall well short of Wall Street expectations. The company expects earnings of 21 cents to 23 cents a share on sales of about $112 million. Analysts had been expecting earnings of 28 cents a share on sales of $131.6 million. "Third-quarter revenue was disappointing, due largely to lower-than-expected book and ship business in our imaging division, and lower-than-expected European revenue in our thermography division," the company said. Flir said that its imaging division experienced "very good" bookings in the quarter, which resulted in a record backlog, but the company does not expect to "recoup the third-quarter revenue and earnings shortfall in the fourth quarter," it concluded. As a result, the company cut its full-year outlook for earnings and sales. Flir now expects full-year earnings of $1.12 to $1.17 a share on sales of $510 million to $520 million, down from previous earnings guidance of $1.17 to $1.22 a share on sales of $545 million to $555 million. Analysts had been expecting earnings of $1.20 a share on sales of $548 million. Shares were trading down $3.36 to $24.52.
Shares of MTR Gaming ( MNTG) fell 7% after the casino operator said that third-quarter results would fall short of expectations. The company expects earnings of $2.8 million to $3 million, or 10 cents a share. Analysts had been expecting earnings of 18 cents a share. Sales, meanwhile, are expected to be between $97.5 million and $98 million, which is below the $103.4 million analysts had been expecting. "During the third quarter, MTR experienced lower-than-expected traffic and revenues primarily at its Mountaineer and Binion's properties," the company said. MTR expects to release its third-quarter results on Nov. 7. Shares were recently trading down 55 cents to $7.27. Northrop Grumman ( NOC) fell modestly after the company cut its 2005 earnings guidance. The defense contractor said the impact from hurricanes Katrina and Rita would cause it to reduce 2005 earnings estimates by 40 cents a share. As a result of hurricane-related work delays and cost growth, the company now expects earnings of $3.55 to $3.65 a share on sales of $30.5 billion to $31 billion. Previously, the company expected earnings of $3.90 to $4 a share on sales of $31 billion to $31.5 billion. Analysts had been expecting earnings of $3.96 a share on sales of $31.2 billion. Looking ahead, Northrop continues to expects 2006 earnings of $4.10 to $4.30 a share on sales of about $32 billion. Analysts are expecting earnings of $4.23 a share on sales of $32.5 billion. Shares were trading down 21 cents to $53.84. Shares of IPC Holdings ( IPCR) fell 5% after the reinsurance company said third-quarter earnings would be affected by between $650 million to $750 million because of hurricanes Katrina and Rita. The company said the estimated range is based on industry insured loss estimates, a review of contracts potentially affected by the hurricanes and limited information received from clients and brokers. Analysts are expecting a loss of $10.23 a share. Shares were trading down $1.64 to $29.46.
NYSE volume leaders included Lucent Technologies ( LU), down 1 cent to $3.18; General Motors ( GM), down $1.24 to $27.05; Ford ( F), down 27 cents to $8.96; Refco ( RFX), down $8.78 to $19.78; Wal-Mart ( WMT), up 74 cents to $44.77; Pfizer ( PFE), down 8 cents to $24.31; EMC ( EMC), up 5 cents to $13.26; Exxon Mobil ( XOM), down $1 to $58.60; and General Electric ( GE), down 9 cents to $34.13. Nasdaq volume leaders included Cisco Systems ( CSCO), down 28 cents to $17.35; Xilinx ( XLNX), down $4.12 to $23; JDSU ( JDSU), up 1 cent to $2.15; Microsoft ( MSFT), down 14 cents to $24.45; Intel ( INTC), down 26 cents $23.56; Sirius Satellite Radio ( SIRI), up 9 cents to $6.51; and Sun Microsystems ( SUNW), down 5 cents to $4.12.