Shares of American Standard ( ASD) were among the NYSE's losers Tuesday, falling 17% after the plumbing and air-conditioning equipment company posted third-quarter earnings that fell short of expectations and warned that fourth-quarter earnings would miss the mark as well. The company earned $159.1 million, or 74 cents a share, on sales of $2.62 billion. On an adjusted basis, which excludes items, the company earned $162.5 million, or 75 cents a share. Analysts polled by Thomson First Call were expecting adjusted earnings of 78 cents a share on sales of $2.58 billion. A year earlier, the company earned $156 million, or 71 cents a share, on sales of $2.4 billion. On an adjusted basis, the company earned $142.8 million, or 65 cents a share, a year ago. Looking ahead, American Standard forecast fourth-quarter adjusted earnings of 44 cents to 48 cents a share, below analysts' estimate of 55 cents a share. Shares were trading down $7.48 to $36.60. Cooper Tire and Rubber ( CTB) fell 6% after the company withdrew its third-quarter earnings forecast because of a host of factors. "These factors included softer industry demand in the North American replacement tire market, which led to lower-than-anticipated sales; changes in raw-material costs; higher shipping and transportations costs; and higher energy costs," the company said. In August, Cooper predicted it would post third-quarter earnings of 10 cents to 14 cents a share, including a charge of 8 cents a share related to a strike at one of its Arkansas tire plants and a loss of 4 cents a share related to an "unusual tax rate." Analysts had been expecting earnings of 9 cents a share. Shares were trading down 81 cents to $13.74. Shares of Panera Bread ( PNRA) rose 6% after the bakery operator lifted its third-quarter earnings estimate. The company now expects to report earnings of 36 cents to 37 cents a share, up from previous guidance of 34 cents to 35 cents a share. Analysts had been expecting earnings of 35 cents a share. The company previewed third-quarter sales of $148.6 million, better than the $146.9 million that analysts were expecting. A year ago, the company posted sales of $113.8 million.
For the fourth quarter, Panera continues to expect earnings of 46 cents to 47 cents a share. Analysts project earnings of 47 cents a share. Panera expects to release its third-quarter results on Nov. 1. Shares were trading up $2.94 to $56.32. Shares of Kennametal ( KMT) rose 7% after the maker of mining and highway-construction equipment raised its first-quarter earnings forecast. The company now expects earnings of 72 cents a share, up sharply from its previous guidance of 40 cents to 50 cents a share. The forecast includes stock option expenses of 5 cents a share and domestic pension expenses of 4 cents a share. Analysts had been expecting earnings of 47 cents a share for the quarter ended. Kennametal attributed the improved outlook to ongoing sales growth, higher-than-expected price realizations, lower raw-material costs and strong operating leverage. Kennametal also increased its full-year forecast to $3.50 to $3.90 a share from $3.30 to $3.80. Shares were trading up $3.42 to $51. Two furniture makers lost ground after issuing weak forecasts. Stanley Furniture ( STLY) reported third-quarter earnings rose to $5.8 million, or 44 cents a share, up from $5.3 million, or 40 cents a share, a year earlier. The results missed analysts' average estimate of 47 cents a share. In addition, the company forecast fourth-quarter earnings of 39 cents to 42 cents a share, shy of Wall Street's projection of 51 cents a share. Meanwhile, La-Z-Boy ( LZB) said it expects to post a loss of 17 cents to 21 cents a share for the second quarter ending Oct. 29, including 9 cents to 10 cents in restructuring charges. The company previously expected earnings of 17 cents to 21 cents a share, before the charges. Analysts project earnings of 14 cents a share. La-Z-Boy shares recently changed hands at $10.72, down 33 cents or 3%, while Stanley Furniture plunged 11.4%, or $2.60, to $20.17.
NYSE volume leaders included Lucent Technologies ( LU), down 5 cents to $3.13; Nortel Networks ( NT), up 1 cent to $3.49; Guidant ( GDT), down $6.83 to $65.55; Ford ( F), down 17 cents to $8.49; and Motorola ( MOT), up 13 cents to $20.29. Nasdaq volume leaders included Intel ( INTC), up 31 cents $23.77; Microsoft ( MSFT), up 7 cents to $24.60; Novavax ( NVAX), up 28 cents to $3.55; Cisco Systems ( CSCO), down 8 cents to $17.09; Novellus ( NVLS), down $3.39 to $21.50; Yahoo! ( YHOO), up 35 cents to $34.51; Apple Computer ( AAPL), down 5 cents to $53.39; Sirius Satellite Radio ( SIRI), down 10 cents to $6.05; and Oracle ( ORCL), up 2 cents to $12.40.