Shares of Polaris Industries ( PII) were among the NYSE's losers Thursday, falling 3.5% after the maker of snowmobiles posted mixed third-quarter results and warned that fourth-quarter earnings and sales would be below expectations. The company reported third-quarter earnings from continuing operations of $51.1 million, or $1.17 a share, on sales of $543.1 million. Excluding a tax benefit of $2.6 million, or 6 cents a share, the company would have earned $1.11 a share. Analysts polled by Thomson First Call were expecting earnings of $1.11 a share, before items, on sales of $547.8 million. A year ago, the company posted earnings from continuing operations of $44.6 million, or $1 a share, on sales of $510.6 million. Looking ahead, Polaris forecast fourth-quarter earnings of 97 cents to $1.02 a share, below analysts' average expectation of $1.15 a share. Polaris attributed the shortfall to weaker-than-expected shipments of all-terrain vehicles. "ATV retail sales for the industry as well as for Polaris were below our expectations in the third quarter, which resulted in dealer and factory inventories that are currently higher than we are comfortable with, given our view of the economic conditions for the balance of the year," the company said. Polaris expects fourth-quarter sales to be down 1% to 5% from the same period last year. Analysts had been expecting sales of $560 million, or growth of about 4% over last year's $539 million. Shares were trading down $1.59 to $44.46. Winnebago Industries ( WGO) rose about 3% after the motor-homes maker posted fourth-quarter earnings that fell from a year earlier but topped forecasts. The company earned $15.4 million, or 46 cents a share, on sales of $231.5 million. Analysts were expecting earnings of 42 cents a share on sales of $233 million. A year earlier, the company earned $19 million, or 55 cents a share, on sales of $283 million. The company said results were hurt by lower sales volume and a shift in product mix to lower-priced motor homes. Shares were trading up 74 cents to $28.36.
Shares of Central Coast Bancorp ( CCBN) surged 26% after the banking company agreed to be acquired by Rabobank, a Dutch financial services company for roughly $371 million. Shareholders will receive $25 a share, in cash, representing a 29% premium to Wednesday's closing price of $19.43. The deal is expected to close during the first quarter of 2006. Shares were up $5.07 to $24.50. Impac Mortgage Holdings ( IMH) rose 8% after the company said it would repurchase up to 5 million shares. "While our long-term strategy is to continue to build our balance sheet with high credit mortgage assets, due to the large price drop in our common stock, which is now trading at a discount to our book value, and at an approximate annualized yield of 18%, management believes that a repurchase plan is both prudent and accretive to earnings," the company said. Shares were trading up 78 cents to $10.04. Shares of Lone Star Technologies ( LSS) fell 2% after the company said third-quarter earnings would be below analysts' expectations. The company expects earnings of $48 million to $51 million, or $1.55 to $1.65 a share. Analysts had been expecting earnings of $1.87 a share. A year ago the company earned $26.8 million, or 91 cents a share. Lone Star, which provides services related to oilfield casing, tubing and line pipes, said Hurricane Rita hurt its results. Shares were trading down 79 cents to $47.90. NYSE volume leaders included Lucent Technologies ( LU), down 3 cents to $3.02; Texas Instruments ( TXN), up 25 cents to $30.35; Pfizer ( PFE), down 7 cents to $24.77; Time Warner ( TWX), up 20 cents to $17.69; General Electric ( GE), up 26 cents to $34.06; Exxon Mobil ( XOM), down 19 cents to $58.75; Chesapeake Energy ( CHK), down $1.09 to $32.09; and Advanced Micro Devices ( AMD), up 26 cents to $21.26. Nasdaq volume leaders included Microsoft ( MSFT), up 21 cents to $24.51; Sirius Satellite Radio ( SIRI), down 19 cents to $6.11; Apple Computer ( AAPL), up $1.74 to $50.99; Intel ( INTC), up 7 cents $23.31; Cisco Systems ( CSCO), down 7 cents to $17.36; Oracle ( ORCL), up 13 cents to $12.13; Applied Materials ( AMAT), up 28 cents to $17.23; and Sun Microsystems ( SUNW), up 5 cents to $3.98.