Nash Finch ( NAFC) was among Nasdaq's losers Friday, with shares plunging 26% after the food retailer and distributor cut its 2005 earnings outlook. The company now expects earnings of $3 to $3.25 a share, down from an earlier view of $3.70 to $3.89 a share. Analysts polled by Thomson First Call had projected earnings of $3.74 a share. "Clearly the acquisition of the Westville, Ind., and Lima, Ohio, divisions earlier in the year resulted in a lack of focus in our core business," the company said. "We have experienced serious erosion in retail and wholesales gross profit margins, based on issues that we had thought were readily resolvable. Unfortunately, the impact has been deeper than we anticipated and margins will take longer to rebound than we had thought, but these issues are fixable and we are addressing each one of them." Shares recently dropped $10.96 to $31.38. Shares of Cree ( CREE) rose 15% after the maker of light-emitting diodes posted better-than-expected fiscal first-quarter results. Cree earned $21.7 million, or 28 cents a share, on sales of $103.9 million for the quarter ended Sept. 25. Excluding an investment gain, the company would have earned 25 cents a share. Analysts anticipated earnings of 23 cents a share and sales of $102.8 million. In last year's first quarter, the company earned $24.4 million, or 32 cents a share, on sales of $96 million. For the second quarter, Cree forecast earnings of 24 cents to 27 cents a share, with sales of $106 million to $109 million. Excluding stock-options expense and other equity compensation, the company sees earnings of 27 cents to 30 cents a share. The guidance also includes costs of a half a cent related to the wind-down of Cree Microwave. Analysts expect second-quarter earnings of 24 cents a share and sales of $108.1 million. Shares were trading up $3.25 to $25.55.
Oakley ( OO) fell 16% after the sunglasses maker posted mixed third-quarter results and lowered its full-year sales view. The company earned $15 million, or 22 cents a share, on sales of $173.4 million. The earnings matched analysts' mean estimate, but Wall Street anticipated higher sales of $178.9 million. A year earlier, the company earned $11.4 million, or 17 cents a share, on sales of $150 million. Looking ahead, Oakley said its 2005 sales will likely come in at the low end of a 10% to 15% growth range. Previously, the company predicted sales that would be at the high end of a 10% to 15% growth forecast. Despite the reduced sales outlook, the company reiterated its 2005 earnings growth projections, which it pegged at the high end of a 25% to 30% range. Analysts forecast full-year earnings of 79 cents a share and sales of $668.2 million. Shares were down $2.79 to $14.45. Shares of 7-Eleven ( SE) rose 4% after Seven-Eleven Japan boosted its offering price for the company by 15% to $37.50 a share. Previously, Seven-Eleven Japan offered $32.50 a share for the remaining 27% of the convenience store operator that it doesn't already own. 7-Eleven urged shareholders to reject that offer, saying that it is not in their best interests. But 7-Eleven's board will now recommend that shareholders tender their shares in connection with the new price, the companies said. Shares were trading up $1.53 to $37.37. TNS ( TNS) fell 21% after the data-communications company reported a third-quarter sales shortfall and cut its full-year sales outlook. The company posted earnings of $2.6 million, or 12 cents a share, on sales of $64.8 million. Adjusted earnings were $6.4 million, or 28 cents a share, in line with analysts' forecast. However, analysts expected sales of $69 million. A year ago, the company posted adjusted earnings of $6.8 million, or 25 cents a share, on sales of $64.6 million.
TNS now expects 2005 sales of $258 million to $262 million, below its previous guidance of $267 million to $272 million. The company continues to expect adjusted earnings of $25.5 million to $26.5 million. Analysts project earnings of $26.2 million, or $1.06 a share, and sales of $270.1 million. TNS shares recently fell $5.13 to $19.32. NYSE volume leaders included Pfizer ( PFE), down 72 cents to $21.18; Lucent Technologies ( LU), down 1 cent to $3.11; Caterpillar ( CAT), down $5.48 to $48.55; Liberty Media ( L), up 5 cents to $7.78; Exxon Mobil ( XOM), up 14 cents to $55.34; Nokia ( NOK), up 20 cents to $16.10; and General Electric ( GE), down 7 cents to $33.81. Nasdaq volume leaders included Microsoft ( MSFT), down 12 cents to $24.67; Intel ( INTC), down 4 cents $23.58; Cisco Systems ( CSCO), up 11 cents to $17.04; Yahoo! ( YHOO), up 6 cents to $35.32; Google ( GOOG), up $36.93 to $340.13; SanDisk ( SNDK), up $8.21 to $54.59; Oracle ( ORCL), up 13 cents to $12.27; and Apple Computer ( AAPL), down 36 cents to $55.78.